Tax time is approaching

by DataPro

It is the time of year, once again, to start getting your paperwork together for year-end individual and business tax returns. The more organized you are, the easier, and less expensive it will be to have the tax returns prepared and filed.

For individuals, start gathering all income and expenses you know, or think you know will be necessary to process your 1040 Federal tax form, and the state tax return where you live. In California, that would be the 540 CA tax form. If you are a sole proprietor, you will need to file Schedule C for the business income and expenses.

Businesses, such as partnerships, LLC’s, S Corps and C Corps, you or your accountant will need detailed reports of income and expenses, fixed asset purchases, investments, etc.