We know our users hate doing their books, that’s why they chose Wave in the first place. But now it's crunch time for your year-end taxes and we want to make that as easy for you as possible too. Here are some ways you can simplify preparing your taxes using Wave.
Input the last of your income and expensesFirst thing you need to do is make sure that you are all up to date on your income and expense entries. If you have connected your bank account you're likely already up to date. If not you should ensure you have uploaded your bank statements or manually entered your data to year end.
Small business balance sheetsIf you are a do-it-yourselfer when it comes to preparing a tax return, you will need to run an Income Statement for the year and possibly a Balance Sheet if that is required. You can get them both, very easily, on the Reports screen. Just choose the report you want, and specify the date range. Then you take the data from those reports and input it where appropriate on your tax forms to complete your returns.
If you want to send your accountant this data, you can email the same reports in PDF format. You can email a PDF directly from inside your Wave account. If you prefer Excel reports, you can create and save them to your computer, and then send them using your own email system.
Bring in the hired gunsFor the easiest way to handle your taxes, simply invite your accountant to be a Guest Collaborator in your Wave account. They can run the reports they need, use the drill-down functionality to check your work and update any transactions that they need to. Also, once they have completed your return if they need to update your books to handle adjusting entries, they can do that very easily using our Journal Transactions screen.
And as always, we are here to help you or your accountant when needed.