There’s always confusion when meeting with your CPA. One might ask why he/she should hire a CPA while the services of many tax preparers and bookkeepers are available today. This confusion can be avoided by understanding what sets a CPA member apart. In simpler terms a CPA is like a tax preparer or a bookkeeper, both are accountants. But for one to have a CPA silence he/she must pass a licensing exam that has the stringiest of rules called the Uniform Certified Public Accountant Examination. So not all accountants can’t be said having the same status of a qualified CPA. When you hire the services offered by a CPA for your year-end accounting purposes, there are some very important files you should keep at hand.
Things To Do When Meeting With Your CPA
1. Financial Statements:
Financial statements should have all the transactions you made. This is to ensure that you or your business don’t face any problems regarding of tax legalities.
2. Mortgage Interest:
Having a document of mortgage interest, insurance and maintenance can help you save big on taxation if you work from home.
3. Balance Sheet:
This document has tabs on your profit and loss statement, this will help you to have a clear cut picture of your financial performance for a set period. The conclusion you make from this with the help of your CPA will help you plan for your future.
4. Profit Loss statement:
Profit and loss statements are crucial for helping your business move forward. A CPA will guide you in making future investments to increase your profits and cut down on losses.
5. Cash flow statement:
Since you require the CPA services for year-end accounting it’s crucial that you provide a well-recorded cash flow statement.
6. GST return filed during the year:
It’s mandatory to file GST returns annually. Having this file reports to show to the CPA will help you plan better and make wise decisions regarding tax filings.
7. Business Expenses you paid from personal bank account:
Any professional CPA member will tell you to keep business and personal assets separate. But if you have used a personal account to do expenses in your business, CPA member will be sure to sort things out for you.
8. Previous year Tax returns:
In accounting is it of high importance to use past data to validate future decisions. Tax returns for the previous year will help you make more profitable decisions for your future.
9. Your payroll liabilities:
Office payroll liabilities can have reduced impact on your tax if done properly. A CPA member will be sure to help you with the guidelines.
10. All payroll returns filed:
When you are doing your year-end calculations, payroll data entry services plays a significant part in deciding in the asset management of your business. Ask your CPA agent to help you decide what’s important and what’s not.
11. Home Office Expenses:
If you own a home office setup, there are some deductions you can avail in taxation. A CPA agent has the proper knowledge to help you cut some corners well incomes to tax payment and to construct a well-laid plan for the coming year.