Are You Prepared for Your First Corporate Tax Return?
Are You Prepared for Your Corporate Tax Return? For many, filing their annual taxes is a stressful situation, especially for your business. The great news for new business owners preparing for their first corporate tax return is that there is a lot that you can do to reduce the anxiety as well as save yourself some money through some proper preparation. Organization is key The more organized your financial documents are, the easier it is for your accountant to review and identify any potential tax savings you can access. Taking this step pro-actively can also save time and reduce the billable hours required to prepare your return. These simple steps can go a long way to submitting an organized package. Gather all of your receipts and sort them by month. Print all monthly bank statements as well as your credit card statements Attach receipts to the related invoices and/or statements to verify your expenditures. Provide a copy of your monthly income statements and balance sheets Your receipts and statements simply serve as supporting documentation to verify your income statements and balance sheet. Collectively, this documentation serves to illustrate your sales, expenses, assets and liabilities that all factor into your tax bracket and eligibility for various exemptions. What information do you need to provide? Whether you are preparing your return on your own or you are working with an accountant, you will need to include the following information. When working with an accountant, ensuring that you provide this information when you submit your documentation can save delays in preparing your return. Your business registration number The address of the head office for your business The address where your records are stored The fiscal year-end of the business At Rutwind Brar, we work with corporate tax returns for businesses of all sizes and can help you to best maximize your return and retain as much of your income as possible. Before you file your first corporate return, we welcome the opportunity to meet with you to ensure that you are prepared for tax season and are equipped with the best advice possible.
