Tax Prep and Online Banking

Tax Prep - What Your Accountant Needs and How to use Online Banking to Provide it Easily

When it comes to tax prep season, let online banking be your trusty sidekick! Whether you need to print copies of your eStatements, search your deposits, or find proof of a deduction you might have forgotten about, the ability to reference back on your own time schedule by using online banking is an asset. So, let’s go over some of the ways you can use this free service to assist your accountant with what they need come tax time.

Proof of income

If you work for someone else, you might receive a 1099 in the mail to submit to your tax team. However, if you do any freelance or contract work, or have received any large sums of money through selling something that you might need to report, you will want to have proof of your deposits on hand. By searching your checking account by the current tax year and your deposits only, you can easily find those and put them together in a document for your accountant.

Remember your Deductions

One handy feature of online banking is the ability to break out your deposits and withdrawals for the year. Combing through your withdrawals can help jog your memory to help you remember a deduction you might be forgetting. You might look through and see that every month you paid for childcare, and remember that you can expense that, so you’d go back to your receipts and gather those. It gives you a nice snapshot of things you might not have thought about so that you can provide those to your accountant.

Send your books to your accountant electronically

With online banking, you receive connection access to a few of the more popular bookkeeping software programs (Quicken for personal use, and QuickBooks for business use) if you happen to already pay for and use their services. By integrating these with your online banking programs, you can send pertinent information regarding your bank accounts straight to your accountant with the click of a button.

Easily download account data

When you need a special report, you can easily download the data on your terms straight from your online banking account area to be able to disperse into the financial program that you use. This is a great way to be able to work with any program used by your accountant.

Transfer money online

Need to transfer funds between your savings account and your checking account to pay your taxesOnline banking can also help you with that. This is even a feature that can be triggered through the M C Bank mobile app from your mobile device. It’s handy to be able to easily make sure that your accountant has your payment information at the time of filing for submission.

Making use of the products and services available to you for no additional cost from your bank will help you get ready for tax time. Don’t forget, if you find that you need to contribute toward an IRA for tax purposes, M C Bank also offers Individual Retirement Accounts for our personal banking customers. Contact your local branch to find out more today!


This article is not to be construed as tax advice. Always consult with a tax professional.


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