Business Owners & Contractors: Have P&L ready by 12/31/19

Now that we are in the last month of the year, this is the time where all Business Owners & Contractors with 1099’s Miscellaneous should have a good idea of how much end of the year income will flow through your company. Once 12/31/19 is upon us, YOU should be ready for your accountant to start the process of preparing your taxes after a few adjustments. Here are some things you should focus on:

    • P&L Statement: Your P&L Statement, or Profit & Loss Statement, should have all your yearly income and expenses contained in this form ready to go over with your accountant. Once you have completed the adjustments, you should have all expenses categorized according to your specific tax form.
    • Balance Sheet: If your tax forms require a Balance Sheet then you should also have this form ready for your accountant to examine.

Once you have these documents updated and categorized according to your tax forms (1040, 1065, 1120-S, 1120-C) then you are ready to file your taxes. Other Tax forms may be needed to complete your taxes such as the Mortgage Interest, Personally Property Taxes or additional income sources.

If you have any questions, please contact me at (704) 526-0307 or maysconcepts@gmail.com for a free consultation and to set your appointment. Mays Concepts LLC, Remember, You Can Count On Me!