At Heard we will take care of completing the bookkeeping for your business, and then we will request the necessary personal income and expense information so we can provide accurate quarterly tax estimates as well as help with filing your annual tax return.
The personal financial information that we need for quarterly tax estimates are included as part of your quarterly checklist. The “update your income and withholdings” item is where we will request confirmation of your personal tax filing status, state of residence, and if you see clients in multiple states. This is also the section where you will report any W2 income you may have earned and income tax withholding you have paid for both federal and state, if applicable. We will also confirm if you earned any other 1099 income that has not already been reported in your Heard account.
The personal financial information we request for annual taxes will be included as part of your tax questionnaire. We will use that information to determine deductions that apply to you. This information will then be reviewed by your tax preparer to determine if a standard or itemized deduction will be most advantageous for your situation.