CPA Meeting Checklist

People dread meeting with their CPA for many reasons, not the least of which is gathering the paperwork necessary for a productive, useful meeting. Here is a quick list of common documents to help you prepare for a meeting with your accountant:

Income Records - Invoices, Bank Statements, and Investment Accounts Your CPA will need all of your receipts, invoices, bank statements and investments. A form 1099-INT, which reflects your savings and interest is also necessary. Performing regular and timely reconciliations of bank statements and having a system for keeping income records easily accessible is helpful.

Schedule K-1 - If your business is classified as a partnership or corporation, you will also need to report any income or loss on a Schedule K-1. This form details individual shares of income within a partnership or corporation.

Expenses - Miscellaneous office expenses could range from supplies to travel, depending on your situation.

Mileage Miles - driven for business purposes can be claimed as a deduction. Save receipts for tolls incurred while driving for business, too!

Payroll - Documentation of employees’ salaries and wages, Forms W-2, W-3, and various forms required by the state will also need to be updated. Up to 20 Form W-2s can be created and printed on the Social Security website. Learn more athttp://www.ssa.gov/bso/bsowelcome.htm. The earnings of people who are hired for specific expertise must be reported separately on a form such as a 1099-MISC. If you are providing retirement plans for your employees, you can claim certain deductions.

Mortgage Interest - If your business operates out of your home you can deduct some mortgage interest, insurance, and some maintenance expenses -- but you must have documentation supporting all of those expenses. People who are self-employed may need to use Form 8829 to claim these deductions.

Office Rent - Expenses related to rental taxes and some utilities may be claimed if your office premises are rented.

Interest - Money that is borrowed for business activities can be deductible, if you have valid documentation showing how it was used.

Insurance - Policies for business coverage may be reported as a tax advantage -- if you have the proper documentation.