Filing taxes can be aggravating if you do not have a certified public accountant (CPA); likewise, before filing your corporate tax, you need to ensure that you have all the documents needed to file your taxes. If you are already familiar with the documents you need to file your corporate tax, this will protect you from making many errors and penalties. If you are a resident of Troy City, MI, you must consider seeking help from experts like the ones in Troy, MI CPA community.

Documents you may need from your accountant when filing your corporate tax:

• Income statement.

The first document you may require when filing your corporate tax is your income statement. Your income statement will represent the expenses of your company, the profits in a specific period, and your company’s payments. An accurate income statement will allow the tax authorities to examine your company’s activities and will determine the tax according to your records.

• Balance sheets.

A balance sheet is also needed to determine your company’s position, and it will have an effect according to your company’s assets, liabilities, and expenses. More specifically, a balance sheet overviews your company’s financial state. Therefore, you must make sure to provide an accurate balance sheet for your company so that the tax authorities can determine your tax.

• Tax returns.

When it comes to deciding the tax you owe to different authorities, you may be required to display your tax returns to the tax authorities. Your accountant will make sure to arrange your company’s tax returns and will avoid any errors. 

• Expense receipts and invoices.

Showing your expense receipts and invoices plays an important role in deducting from your financial statement. Your certified public accountant will make sure to save and collect all your company’s receipts and invoices. In addition, displaying all the applicable receipts and invoices can also help you with deductions in your tax returns.

• Payroll records.

Payroll records are the legal records that your accountant has to maintain to keep proof of all the payments that you pay to your employees. These payroll records must include salaries, wages, bonuses, and firm’s benefits. Therefore, this payroll record will assist law enforcement in determining your payroll taxes.

• Bank statements and deduction records.

Bank statements are also required when you are filing your corporate tax. The tax law enforcers will make sure to match your bank statements and your company’s financial records to investigate any differences. Therefore, you have to make sure that your personal and company finances should be separated. 

If you are a business owner and you are about to file for your corporate tax, you must consider consulting your accountant about the document that you may require.