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ToggleAt year-end you are planning to meet your CPA, here are some things which you should take with you for Accounts Finalization:
Finances! It’s no easy task to manage financial accounting, considering all the details that go along with it. Whenever you plan to meet your CPA or accountant, it’s always good to be prepared with all the details, so that the whole process gets easier and efficient. And hence, you want to have a clear understanding of what to expect and how much to expect.
The first requirement that is an absolute essential is to have all your financial statements up-to-date. The balance sheet, the profit and loss details and the cash flow statement should have all the regular updates of the whole financial year.
The requirements of Form 1099 which is specifically issued for US-based business should be mandatorily filled so that there are no consequences. Other additional details include a copy of the sales tax return filed during the year, business expenses paid from the personal bank account, previous year tax returns, form W2 for all your payroll liabilities, complete details of payroll returns filed, mortgage interest paid details and home office expenses.
Other than the above mentioned, it’s a good idea to discuss any specific accounting and tax-related issues to your business and make sure in the initial meeting itself that your accountant knows of them and hence can address your concerns properly.
It’s also important that you prepare prior to questions that you may have with your accountant or CPA. This will not only ensure that you have your questions answered, but it will also build a solid foundation for the relationship that you will share with your accounting firm.
While meeting your CPA, one needs to discuss the following questions:
Donations: In case one is planning on giving donations, how would one be doing this? What would be the methods of offering donations having appreciated mutual fund stocks?
Tax bills: What would be the best methods of lowering tax bills? One of the important methods of lowering tax bills relates to reducing the income which is taxed, ensuring that one is making maximum contributions to the 401K plan. One’s accountant would have various other advice on this.
To know more contact Meru Accounting today!