Documents Required FAQ's
What documents do we need to file my tax returns?
Please download the required documents
checklist here.
I own a small business. What deductions can I claim?
Please download the business professional deductions
checklist here. Fill in all the applicable business expenses in the
worksheet.
Any other deductions? Like vehicle, travel, entertainment expenses?
Please download the vehicle, travel, entertainment deductions
checklist and fill in all the information applicable to your business.
Have a home office?
If you used part of your home exclusively for business (no bed, kids
playing area etc) you can claim a percentage of total expenses paid
for the home (rent paid, utilities etc).
Please get this information:
- Home office space, sq/feet
- Total home space,sq/feet
% can be claimed = home office space (in square feet)/total home in square feet.
If you own the home, we need to depreciate the business part. It must be taken else its lost.
Any other tax tips?
- If you expect to receive 1099 in future, its better to pay estimated taxes for federal and state every quarter to avoid paying penalty. If you have any questions feel free to call us.
- Its always better to take less exemptions when filling out W-4 with the employer. In that way you don’t end up paying taxes at the year end and also chances of getting a refund increases. Please fill out a new form W-4 with your payroll department and decrease the number of exemptions claimed.
- Defer your taxes by opening a Retirement Account like Roth IRA or Traditional IRA. If need help in opening an Retirement Account or need more information, Please call us and we can help you setup one. Else you can contact your bank they should have some kind of Retirement Account. You have till April 15 this year, to contribute to your Retirement Account for the previous year.
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