Tax Preparation Reminders
Essential Tax Documentation Guide for Business Owners and High-Income Individuals
No matter who you are, filing taxes can be overwhelming and stressful. Our staff at Plack Group understands that complicated taxes require expert handling and a personalized approach. Our team of experienced tax professionals is dedicated to simplifying the process for you while ensuring we help you maximum your deductions.
What Business Owners Need to Prepare for Tax Filing
If you’re a small or medium-sized business owner grappling with complicated taxes, gathering the right documentation is crucial. Here’s what you need to collect:
- Income Records
- Gross receipts from sales or services
- Returns and allowances
- Statements from you business bank accounts
- Expense Documentation
- Receipts and record of all business expenses
- Vehicle mileage logs (if applicable)
- Home office calculations (if applicable)
- Asset Information
- Depreciation schedules for business equipment
- Records of any asset purchases or sales
- Payroll Documents
- W-2 and 1099 forms issued to employees and contractors
- Federal and state payroll tax returns
High-Income Individuals: Navigating Complex Tax Situations
For high-income individuals, tax preparation often involves intricate financial landscape and multple sources. Here’s what you should gather:
- Income Documentation
- W-2 forms from all employers
- 1099 forms for freelance or contract work
- K-1 forms from partnerships, S corporations, or trusts (these typically are not available until late summer or early fall)
- Investment income statements (1099-DIV, 1099-INT, 1099-B)
- Deduction Support
- Charitable donation records
- Mortgage interest statements
- Property tax records
- Medical expense records
- Investment and Retirement Account Information
- IRA contribution records
- 401(k) or other retirement plan statements
- Records of any taxable distributions
- Business Venture Documentation
- Profit and loss statements for any side businesses
- Rental property income and expense records
- Foreign Asset Disclosure
- Records of foreign bank accounts and assets (if applicable)
Why Choose Plack Group for Your Complicated Taxes
We specialize in handling complex tax situations for business owners and high-income individuals. Our team of highly experienced CPAs, accountants, and consultants are committed to providing unparalleled customer service, ensuring that your tax filing experience is as stress-free as possible. Our team understands that taxes can feel overwhelming, which is why we take the time to truly understand your unique financial situation. Our personalized approach means we’re not just filing your taxes; we’re building a relationship with you to support your long-term financial goals.
By choosing us, you’re partnering with a team that genuinely cares about your personal and professional well-being. We stay up-to-date with the latest tax laws and regulations to maximize your deductions and minimize your tax liability. Don’t let complicated taxes add unnecessary stress to your life. We’re here to turn your tax challenges into opportunities for financial growth and peace of mind.