Preparing for tax season is a year-round endeavor. Well-organized small businesses are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information.
Tip number one for construction company owners is to update financials every month, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place.
Second - The Profit And Loss Balance Sheet is what Tax Accountants use.
The numbers on these reports offer a summary snapshot of your business. They are referred to and reviewed over and over by banks and others.
