Tax Preparation                                   

SMALL BUSINESS RETURNS

Accu-Service provides personal and small business tax preparation.  Our rates depend on the level of tax return filing you require.  We have the latest updates on the tax rules and regulations in order to provide you with highest level of service.

One of the biggest complaints that we hear about from clients is that their tax professional does not know QuickBooks or how to update their files to reflect the tax return adjustments.  This is a critical step in processing your tax return and updating the financial reports so you can use them for any reporting to financial institutions or for your own budgeting or forecasting requirements.  Without these updates, your financials are basically worthless.  Especially with the "Accountant's Review" feature, this additional step makes it very easy to import the changes to the client file.

We use Lacerte Tax software and work with several local CPA firms.  If for some reason, Accu-Service can not provide the services you require, we will refer you to a reputable CPA firm in your area for further help.

Accu-Service can prepare your QuickBooks file for tax preparation by providing the services listed below or you can perform them and then give the final financials to Accu-Service for return preparation.

Here are few tips to get started on your tax preparation prior to year-end:

First, reconcile monthly bank statements for each account (bank, credit cards, loans or credit lines, etc.) through the end of the fiscal year.

Review the Profit and Loss report to make sure all information looks accurate. Notice and correct any negative amounts or figures that may not seem reasonable or accurate.

Review the Balance Sheet to make sure the account information is accurate by doing the following:  

• Match the Fixed Assets and ensure you have recorded all new purchases for this year. 
• Review all loan balances to ensure balances match year-end statements for principal balance.  Interest should be booked to the interest expense account, not to the loan payments!
• If you have any loans to shareholders, ensure all payments to those loans have been correctly applied.
• Do the same with Payroll Taxes Payable, Sales Tax Payable and Prepaid Accounts. Each account must be justified with documentation, such as a loan statement for year ending December 31st, or when your fiscal year ends for tax purposes. This provides the principal and interest accrued and paid for the year.

Match open A/R and A/P details to your physical files as of the last day of your fiscal year.

Once you have completed all the steps listed here, enter a closing date in your file as of the last day of your fiscal year.  This will prevent any changes being made to data in the prior tax year. 

Concurrently, make a backup of your data file on a CD, flash stick or some other device that allows you to take it off-site and store it in a safe location.  Remember to label this backup "Year-end Backup" while noting the year it refers to.

Contact Accu-Service for further instructions to prepare your taxes.

Need IRS tax forms or information? :IRS

*Prices subject to change at any time

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Last modified: March 27, 2014