No more tax season scrambles

Tax-ready bookkeeping means your financial records are complete, accurate, and organized so you can file your taxes quickly and confidently. When your income, expenses, receipts, and bank transactions are properly tracked throughout the year, tax season becomes a matter of reviewing reports, rather than scrambling to catch up. Being tax-ready also helps reduce errors, avoid penalties, and ensure you don’t miss out on eligible deductions.

Wave gives you the tools to stay organized all year long, so tax time becomes less stressful. You can connect your bank accounts to automatically import transactions, categorize expenses, send and track invoices, scan receipts on-the-go, and generate the financial statements required for filing. Accurate bookkeeping happens in the background, so when tax season arrives, your records are already ready to go.

Several Wave features support tax readiness, including:

• Automatic bank connections
• Expense categorization and custom categories
• Invoicing and payment tracking
• Receipt scanning and digital storage
• Automatically generated reports (profit and loss, balance sheet, cash flow statement)
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Together, these tools give you everything you need for tax filing or for working with your accountant.

Yep! Wave automatically categorizes your transactions as they import from your bank, and you can create custom categories to match your business’s needs. You can also set rules to make categorizing easier. Consistent categorization throughout the year ensures your deductible expenses are correctly tracked for tax time.

You bet. Wave produces all the key financial reports used for tax preparation. If you’re working with an accountant to file your taxes, they may ask for documents including:

• Profit and loss statement (often used to complete Schedule C in the U.S.)
• Balance sheet
• Cash flow statement
• General ledger
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These reports help you (or your accountant) understand your income, expenses, and financial position at year-end.

Wave’s reports summarize your financial activity in a format aligned with tax requirements. For example, the profit and loss statement groups your income and expenses into categories commonly used on tax forms, making it easier to transfer the numbers accurately. Reports also help identify deductible expenses, reconcile any missing information, and keep you ready for any audits.

Yes, Wave automatically imports your expenses, allows you to categorize them, and lets you attach receipts for documentation. You can also tag expenses to specific categories that match tax-deductible items, such as supplies, meals, travel, or home office expenses. This ensures you maximize deductions and keep accurate records.

Wave’s receipts feature lets you capture and upload receipts from your phone or computer. The amounts and vendor details are captured automatically and matched to transactions. This gives you a complete digital record that supports your tax return and keeps you prepared for an audit, without all the paperwork.

Yes, Wave safely and securely connects to your bank and credit card accounts to import your transactions automatically. This reduces manual data entry, ensures your records stay up to date, and helps with accuracy for tax filings. You can easily reconcile your accounts to confirm everything matches your bank statements.

Wave makes catch-up bookkeeping much easier with automatic transaction imports and streamlined categorization tools. If you need extra help, Wave Advisors, our in-house bookkeeping experts, can provide professional bookkeeping support, including getting your records cleaned up and tax-ready before filing deadlines.

Yes, Wave Advisors gives you access to professional bookkeepers, accountants, and tax experts who can help with ongoing bookkeeping, year-end cleanup, or preparing and filing your taxes. This is ideal if you want hands-on help or the stamp of approval that everything is done correctly.

Wave provides default categories that match common tax classifications. You can also create custom categories specific to your business. Categorizing transactions regularly ensures accurate reports, maximizes deductions, makes tax filing easier, and helps with consistency across your books.

Wave prioritizes security with encrypted data storage, secure servers, and industry-standard safeguards. Your financial records and receipts are stored digitally, making them easy to access, organize, and present in case of an audit.

Yes, you can export reports in PDF or CSV format, share accountant access to Wave, or download individual transaction details. This gives your tax preparer everything they need to file your return accurately.

Ideally, tax readiness happens all year. By keeping your books updated monthly (something Wave makes simple!) you’ll avoid last-minute stress. If you’re behind, starting a few months before the deadline gives you enough time to categorize expenses, reconcile accounts, and gather all necessary documents.

Wave allows you to categorize and separate personal transactions if they come through a mixed account. However, for best results, we recommend using a dedicated business bank account. Wave’s categorization tools make it easy to isolate business expenses for accurate tax reporting.