If you haven’t already, it’s time to skim through your tax documents to ensure you are well prepared for filing. Here are some important items to remember:
- Check your records for invoices of single item purchases of more than $2500. These fixed assets need to be capitalized. Review your invoices to make sure nothing is coded as an asset that should be an expense or the other way around.
- Gather all your year-end loan, bank, and credit card statements so you can tie down balances as of 12/31.
- Review receipts of meals and entertainment to see if anything should be coded to employee expenses. Often, there’s a good number of items that are really lunch for the employees which have a great tax benefit.
- Review your records of gifts distributed in 2016. Gifts that were either for marketing or employee purposes should be correctly coded for them to potentially be considered a deductible expense.
- If you participate in an employer match program, ensure that all payments are made before you file your return.
For more information or answers to questions specific to your practice’s situation, call our office at 844-DENT CPA(336-8272).