What happens if I don't track my income and expenses in accounting software?

You don't need accounting software to work with us. If your business records are simple, a spreadsheet or a clean set of statements is enough: what matters is that your income and expense totals are complete and accurate.

This mainly applies if you're filing a business return, or if you're a sole proprietor reporting your business on a Schedule C (self-employed). When you start your request, we ask how you currently track your income and expenses. Your answer tells your Tax Pro whether they'll need to organize your records before they can prepare your return.

If your expenses require clean-up for filing purposes, your Tax Pro can handle that as a write-up: they take what you have, such as bank and credit card statements, receipts, and spreadsheets, and build the profit and loss statement your return is prepared from so it's accurately filed. Your Tax Pro will confirm what's needed and Taxfyle will inform you what it costs, before any additional work starts.

If you'd rather organize the numbers yourself, download our profit and loss template and complete it before you upload your documents.

https://www.taxfyle.com/tax-resources/business-financial-statement-excel-template-bundle