As the year dwindles down, many food truck owners realize that the end of their fiscal year is closing in. Now is a great time to get your food truck taxes in order so that come tax season, everything will be ready for your tax professional.
5 Tips To Get Your Food Truck Taxes In Order
The first of our tips for food truck taxes revolves around organized. Getting yourself organized is the most important step in preparing for year end. If you’ve been casual with your invoicing throughout the year, take a little time to put them in the same format. If you’ve been lazy with your expenses, the following tips will have you ready for your meeting with your accountant.
Bank reconciliation is the practice of matching a given bank transaction with its corresponding entry in your accounting system. You should make sure your books are reconciled come year end because it’s going to make tax time that much easier for your accountant.
Review Quarterly Payments
If you make quarterly estimated tax payments, end-of-year is a good time to take look at those payments and compare them to your year-end figures. This will help you understand what you might owe or if you will receive a refund.
Prepare Your W9s
If you use contract labor for your food truck business, each person that you’ve paid more than $600 needs to complete a W9 form if they didn’t do this early in the year. This form allows you to issue these contractors 1099 forms they need to report their income.
Get In Line Now!
The last of our tips for food truck taxes is to set an appointment with your accountant now. The worst time to contact your accountant is during tax season. If you accountant is any good and has a long list of clients, they are likely to get booked up fast.
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The Bottom Line
Before you get ready for your holidays spend some time going through these tips for food truck taxes to make sure that your food truck accountant’s job will be as smooth as possible come tax time.