Tax Filing Season: Reports Required for Tax Filing Year

When you are running a small business or start-up you may feel worried when tax season starts to buy you are not alone, out of 100, 80 business owners feel the same. But Bay Area Accounting Solutions provides you complete compilation and tax filing services with reports. Even you do not maintain your transaction, or your accounts are not up to date.

Bay Area Accounting Solutions may help you access all the data. You need for tax filing in the mentioned reports and prepare. And file your taxes with the best expertise. The Profit & Loss Report, General Ledger Report, and Sales Tax Summary Report will save you time and spare you the stress of collecting and verifying everything. You need to file your taxes with confidence.

Profit & Loss Account: Tax Filing

Your Profit & Loss Report (a.k.a. P&L) shows your total Income and Expenses in a specific period of time to give you a net profit or loss. This is an essential Report come tax time, as it contains the information. You’ll need to report on for your tax returns. Think of it as a snapshot of your business activity over the last year.

A P&L statement is important as it’s one of the three types of financial statements prepared by you. Your accountant/accounting software to tell the financial story of your company. The other two are the balance sheet and the cash flow statement. The purpose of the P&L statement is to show company revenues and expenditures over a specified period of time, usually over one fiscal year.

As a business owner, you and your accountant can use this information to understand the profitability of the company, often combining this information with insights from the other two financial statements.

For example, you may want to calculate a company’s return on equity (ROE) by comparing its net income (as shown on the P&L) to its level of shareholder’s equity (as shown on the balance sheet).

Different Ledger Reports:

The General Ledger Report gives you a detailed list of all the transactions you have in your account for a selected timeframe. It’s an invaluable tool that makes sure you’ve categorized everything correctly. You’re not missing any potential tax deductions.

Sales Tax Summary Reports: 

The Sales Tax Summary Report gives you a breakdown of the sales tax you’ve collected on revenue, along with how much you have paid on Expenses. If you are registered to collect Federal or Provincial sales tax. This will neatly summarize the information you need to file your sales tax returns.  

Other Reports Need Attention: Tax Filing

The 2 other Reports worth looking at are the Cash Flow Report. Which breaks down exactly how much cash you have on hand, as well as where the money came in from and went to, and the Invoice Details Report. Which provides a detailed summary of all the invoices you created and sent over a period of time.
Please feel free to write us at [email protected] if you have any related doubts or want to file you taxes with us.

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