It’s getting to be crunch time for small business owners in Arizona when it comes time to filing tax returns. This year, tax returns have to be filed with the IRS on April 18 because the 15^th falls on a Friday. Even though April may seem a long way off, a rushed tax return can cost you thousands of lost dollars.

Gather your paperwork, contact a trusted small business tax preparer and get ready to file your return. Here are our tax return preparation tips:

1. Organization matters: You should have been keeping track of income and expenses and filing receipts throughout the year. Now is the time to gather all of that information and separate it – income, expenses and potential deductions. Note: expenses and potential deductions could fall into the same pile.
2. Select the correct filing status and business schedules: Selecting the incorrect filing status can cost you thousands of dollars.  
3. Put together a year-end balance sheet: To file your taxes you need to know exactly how much your business brought in, paid out and the bottom-line profits. Review the year-end balance sheet and bring to your tax preparation professional.
4. Bank statements: Keep copies of bank statements and reconciliations ready for tax time.
5. Receivables and payables: Know what you owe and who owes you. This will ease the tax prep process. 
6. Payroll information means having paperwork for each employee and independent contractor, gross pay, net pay and benefits. Discuss the new ramifications of 1099 independent contractors with your tax professional.
7. Inventory accounting: A statement of your inventory and carry-over depreciation from prior years is a necessary part of your tax preparation paperwork.  
8. New Tax Preparer: Set an initial meeting with your new tax professional before the crunch of tax time.  Understanding what they need to prepare your taxes will help you get organized for your tax prep appointment. It is a good idea to bring three years prior tax filing information. This will provide your tax professional with reference points for items such as depreciation.

Try to have documentation handy when you meet your tax accounting professional.  More information will make for a more productive meeting. Make your appointment early!