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.
Whyte and Associates is one of the top tax and accounting
firms serving the Inland Empire. With more than fifty years of
experience, our team has what you need to capitalize on your business
ventures. Call (909) 575-0080 today. We are happy to answer your
questions.
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