What are the key financial statements I need for tax purposes?
An example of an AI chatbot conversation about financial statements and their role in taxation.
What are the key financial statements I need for tax purposes?
The key financial statements for tax purposes are the income statement, balance sheet, and cash flow statement.
How do these statements affect my tax liability?
The income statement shows your revenue and expenses, which determine your taxable income. The balance sheet reflects your assets and liabilities, impacting your overall financial position.
Can I use these statements to reduce my tax bill?
Yes, accurate financial statements can help identify deductions and credits, potentially reducing your tax liability.
What if I don't have these statements prepared?
If you don't have them prepared, it's advisable to work with an accountant to create them, as they are crucial for accurate tax filing.
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