Appearing as part of our 2011 fiscal year end and tax preparation resources for small businesses.
Get ready to celebrate, you’re almost done!
Now that your information is in Wave and categorized, you’re ready to file your 2011 taxes! From here, you have two options:
Option A: Bring in a guest collaborator like an accountant who can file your taxes for you
1. If you need an accountant, and would prefer one who is already familiar with Wave, we can help! Contact us for a listing of small business accounting pros in your area. Once you’ve touched base with your accountant, follow the steps below to invite them to be a guest collaborator in your Wave account. If you have an accountant who would prefer not to collaborate online, you can email them your Balance Sheet, Income Statement, and Sales Tax Report from the Reports screen.
2. To invite a Guest Collaborator, go to Settings and select Guest Collaborators.
3. Click Add Collaborator. Fill out your accountant's information, and select their access type (View Only or View and Edit), depending on your preferences. You may want to contact your accountant to let them know you’ve given them access.
(Note: Let your collaborator do what's needed, but remember that you're still ultimately responsible for the accuracy and timeliness of your tax filing.)
Option B: File your taxes yourself
4. If you will be filing your taxes yourself, there are three key reports you will be using: the Balance Sheet, the Income Statement, and the Sales Tax Report. You can access these by signing in to Wave and going to Reports. You may find it easier to print a copy of these reports, or you can work from your screen.
5. You’ll now be inputting information from these three reports into your tax software or tax forms. Wave doesn’t currently integrate with tax software, so you’ll be entering your totals into these forms manually. Make sure to double check accuracy, as well as local tax laws for your jurisdiction. Remember: You are responsible for the accuracy of your tax filings, so if you have any doubts, check with a tax professional before submitting your return.
6. Congratulations! You're all done.
Need more help? If you want more assistance, or if you prefer to let someone else do the work, we can put you in touch with accountants and bookkeepers from the Wave Pro Network. Find a Wave Pro.
Make your next tax year as pain-free as possible: Sign up for free online accounting for small businesses, by Wave.