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Necessities for accountants to assist small business owners near Rancho Cucamonga, CA
Starting and running a small business can be both exhilarating and somewhat stressful, especially as it pertains to taxes. The accountants at Whyte and Associates, Inc. have been serving small business owners near Rancho Cucamonga, CA for decades. We have the knowledge and the experience to help you run your business smoothly, sharing in the tasks necessary to prepare and file taxes. Some of the documentation small business owners are advised to maintain include:
- Capital Assets. Capital assets are those that have been bought, sold, or otherwise disposed of throughout the life of the business. Each year, any acquisitions or offloaded assets must be accounted for in the company's tax return. Most accounting software allows this type of tracking, and will even print a report of annual capital asset activity before tax time. When tracking capital assets, it is also important to note the nature of any bought or sold assets.
- Financial statements. Financials important to your accounting include an income statement, balance sheet, and cash-flow statement. Of these, the income statement is what will be used for tax purposes. However, assets and liabilities are also an important component to consider.
- Vehicle Log. Whether a personal vehicle is used primarily or occasionally for business purposes, there is a tax deduction to be had. There are multiple ways of tracking vehicle usage for business purposes. You can determine which is most appropriate for you in consultation with your accountant at Whyte and Associates, Inc.
- Home-office expenses, if applicable. When business is conducted in part at home, there are generally deductions such as rent, mortgage interest, utilities, and more. Like the vehicle log, there are specific ways to calculate your overall expenses for the home office, which your accountant is happy to explain as necessary.
- 1098 forms. These forms may be requested by your accountant in order to claim your mortgage-interest deduction. This form, or forms if you own multiple properties, may also be used in the calculation of home office deductions.
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- Necessities for accountants to assist small business owners near Rancho Cucamonga, CA