It’s our favorite time of the year here at the William Rogers Company – tax season! While most people dread doing their taxes, we consider it an excellent opportunity to understand your personal and business finances. It’s also a chance to minimize your tax burden and maximize your return.
2022 Federal Tax Return Deadline is April 18, 2023
What Documents Do You Need For A Business Tax Return?
Depending on the type of business you run, you may have to pay several different taxes. Businesses generally need to file tax returns and pay taxes on income. They are also required to pay estimated quarterly taxes and make payments to social security via self-employment taxes or employment taxes.
The typical documents you’ll need to file a business tax return include:
- IRS Form 1099s if you’re an independent contractor
- Financial statements (income, cash flow, expenses, assets, etc.)
- IRS Form 1040 (also called Schedule C) for sole proprietors or LLCs
- Estimated tax payment receipts
- Payroll tax forms
- Employer’s annual wage report (W2) and transmittal form (W3)
Keep in mind that this list is not definitive, and you may be required to submit additional documents to finalize your return.
What Does The IRS Require For Business Receipts?
The IRS requires businesses to have evidence of all reported financial statements, including income, expenses, and assets. There is no clear-cut list of requirements for the burden of proof, but any records that can act as evidence should be kept. These include receipts, canceled checks, bills, invoices, account statements, contracts, sales agreements, and employment records.
Can I File Business Taxes Without An Accountant?
You can absolutely file your business taxes without an accountant. This is especially true for independent contractors that don’t have a lot of business expenses and have a fairly straightforward means of earning income. However, if your business has higher earnings, several expenses and assets, or any employees, we strongly recommend hiring a professional tax accountant to file on your behalf.
What Documents Do I Need To File My Personal Taxes?
Filing your personal taxes requires you to submit certain documentation to the IRS. To file your personal taxes, you’ll need to have the following documents on hand:
- W-2 forms from any employer throughout the tax year
- Tax returns from the previous two years (if applicable)
- IRS form 1099-G for Unemployment (if applicable)
- IRS form 1098-T for scholarships or fellowships
- Forms related to investing or cryptocurrency
- Mortgage interest statements
- Statements related to possible deductions (401k contribution, college tuition payment, childcare expenses, charitable contributions, etc.)
Again, this list is not exhaustive. Every individual has a unique financial situation and will have to submit different documentation depending on their circumstances.
How Do I Get The Most Back On My 2022 Taxes?
Knowing how to maximize your tax return will ensure you receive 100% of the refund available to you. Here are some tips on how to get the most back on your 2022 taxes:
- Claim all dependents – including children, relatives, friends, and other family members.
- Max out contributions to pre-tax savings accounts such as a 401k or Health Savings Accounts (HSA).
- Claim education credits if you’re in college or supporting someone who is.
- Understand the several credits and deductions available to you based on your situation.
Call For An Appointment With Our Professionals
Taxes can be complicated and burdensome – so let us handle them for you. At Williams Roger Company, we have in-depth expertise helping individuals and businesses get the most out of their tax returns. Schedule a call with our team today.