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small-bizXpress

Articles and opinions on small business and entrepreneurship

3 Things Your Accountant Wants From You

Tuesday, February 28, 2006



1. Keep clean financials. At this late stage, it’s all about being organized and responsive. For instance, make sure your financial statements balance. If your CPA doesn’t know that you hired a salesperson in Texas last year, you can’t expect him to file the necessary out-of-state tax returns. When your accountant asks for additional documents, such as a list of out-of-state employees, send them immediately.

2. Plan ahead for next year Now is the time to make tax-wise decisions for 2006. If you’re not sure where to start, set an appointment to talk to your CPA about tax strategies. Review your quarterly estimated tax requirements early to avoid penalties. Throughout the year, talk to your CPA before you buy or sell an asset or undertake other major transactions, so that you know how best to proceed from a tax standpoint.

3. Document carefully. Watch your record keeping, even when you’re on the road. If you use the same vehicle for business and personal travel, pay close attention to your mileage.

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