⦿ Obtain all necessary financial documents from the client, including bank statements, credit card statements, invoices, and receipts.
Categorize transactions.
⦿ Accurately classify and record all financial transactions to ensure proper tracking of income and expenses throughout the tax year.
Reconcile accounts.
⦿ Regularly reconcile bank and credit card accounts to ensure accurate financial records and identify any discrepancies or missing information.
Maintain updated records.
⦿ Keep all financial records updated and organized throughout the year, making tax preparation more efficient and less time-consuming.
Collect tax-related documents.
⦿ Gather all relevant tax documents, such as W-2s, 1099s, and other income statements, as well as records of deductible expenses and tax credits.
Communicate with the client.
⦿ Regularly communicate with the client to address any questions or concerns, request additional documentation, and clarify any discrepancies in the financial records.
Review tax laws and regulations:
Stay up-to-date with the latest tax laws, regulations, and filing deadlines to ensure compliance and take advantage of any tax-saving opportunities.
Prepare tax return:
Compile all necessary information and documentation, accurately calculate the client's tax liability, and complete the required tax forms for submission to the relevant tax authorities.
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