‘Tis the season when accountants are making their lists and checking them twice! From receipt organization to timely tax planning, learn the festive do’s and don’ts that’ll keep you in your accountant’s good graces. Consider this your guide to earning a spot on the coveted nice list.
Which list are you on? Naughty or nice?
‘Tis the season when accountants are checking their client lists…and they’re checking them twice. Want to know if you’re getting a candy cane or a lump of coal from your accountant this year? Let’s find out who’s on their accountant’s naughty list this year…
Whether you’re currently on the naughty or nice list, we’ve got the ultimate guide to becoming your accountant’s favorite client. Here’s how to earn those extra candy canes this season (and stay off your accountant’s naughty list).
Ditch the dreaded shoebox of doom
Provide all documentation in a timely manner
- Personal information for yourself, your partner and/or dependents
- Income documents, such as W-2s, 1099 forms and other miscellaneous income
- Income adjustment forms, like 1098s, IRA contributions or self-employed pension plans
- Detailed records of itemized deductions and credits or estimated tax payments
If you’re not sure of everything you should include, ask your accountant for a list of required documents. And be sure to deliver them faster than Santa on Christmas Eve!
Schedule your tax planning appointment like you’re trying to book a visit with Santa
- Reduce taxable income
- Delay a tax bill
- Increase tax deductions
- Take advantage of all tax credits
If you get prepared for tax season now…you may just find yourself on the nice list this year.
Listen to (and implement) your accountant’s advice
Remember that accountants can advise you on the best time for larger purchases or contributing to retirement accounts, among many other options. With their financial expertise, they can help your business thrive—if you apply their advice. If not, you could find yourself on that naughty list.
Pay firm invoices and taxes on time
It should go without saying that paying on time is also very important when it comes to your tax bill. If your return is filed on time, it’s best to also pay your taxes on time to avoid added interest and penalties, which can quickly add up. As your accountant can tell you, it’s not a good thing to owe the IRS. No one wants to be on their naughty list!
Stay off your accountant’s naughty list
Tax season is on its way. Help your business (and your accountant) by getting a head start, organizing all of your important tax documents, scheduling your tax planning meeting and heeding their advice. They know if you’ve been naughty or nice…and you’d best believe they’ll check their list twice!
Happy Holidays!