Tax filing with Block Advisors

For general questions about Block Advisors, call H&R Block at 1-800-HR-BLOCK (472-5625).

If you are already working with a tax pro, get in touch with them directly by logging into your Block Advisors account, and using secure messaging or scheduling a phone appointment.

If your business is structured as a multi-member LLC, an S-Corp, or a C-Corp, the filing the IRS requires is more complicated and nuanced than the Schedule C return sole proprietors and single-member LLCs are required to file.

Because of this, Wave gives these businesses the option to connect with a tax pro who is able to navigate these complexities.

If you accidentally selected the wrong business type, scroll to the bottom of the Tax Filing page, and click Tell us how your business is structured.

The structure of your business determines the type of filing the IRS requires you to complete. For pricing, log in to your Wave account, then click Tax Filing in the left navigation menu.

If you are already working with a tax pro, get in touch with them directly by logging into your Block Advisors account, and using secure messaging or scheduling a phone appointment.

Select Tax Filing from the left-hand menu in your account, then choose the File with a tax advisor option.

If your business is filing a Schedule C return:

Follow the prompts on the Tax Filing page to set up a Block Advisors account. Then, you can assign your transactions to the relevant IRS reporting categories and upload any other documents. Next, an experienced small business tax pro from Block Advisors will prepare your return.

If your business is a multi-member LLC, an S-Corp, or a C-Corp:

You’ll add your tax pro as a Block Advisor tax pro collaborator on your Wave account. Your tax pro will use the reports in Wave to prepare your return.

Block Advisor tax pro collaborators have read-only access to the following information in your Wave account:

• Reports
• Accounting
• Sales
• Purchases
• Payroll (if applicable)
• User management

There’s no need to sit through a long tax appointment. Your tax pro can file on your behalf virtually, and you’ll have access to their expertise no matter where you are!

Detailed instructions on how to add a Block Advisor tax pro collaborator to your Wave account are available in How to invite or remove trusted individuals as Users on your account.

Once you’ve created your account with Block Advisors, you’ll start your taxes with some personal questions to determine things like your filing status. Next, you’ll be brought to the small business portion of your tax return. Here, you need to verify that your business information is correct by following a series of questions, and filling in any missing information about your business.

Then, your income and expenses from your Wave account will be assigned to the appropriate IRS reporting categories. Review these categories, making sure assign an IRS category to anything currently uncategorized. Finally, if there are certain expenses that need more information (like mileage, home office, or depreciation), you’ll be given prompts within your Block Advisors account to complete those sections as well.

Not sure about a step, form, or tax situation? Just ask! With Online Assist, you get unlimited, live help from tax experts in the file by yourself option.

In addition to basic information like your business name and address, Wave will send the balances of all the categories on your Profit & Loss report for January 1 - December 31 to the Schedule C section of your 1040.

Wave will send cash basis Profit & Loss numbers to Block Advisors. This is the most common tax filing method for small businesses. You can check your prior year Schedule C to confirm whether you file this way. look for question F: Accounting Method at the top of page 1 of your Schedule C; if the box next to (1) Cash is checked, you're good to go! 

If you start your return, you will see a reminder to finish categorizing your transactions, and if you choose to proceed, you will see additional prompts from Block Advisors to finish categorizing your transactions. By following those prompts, you’ll return to your Transactions page in Wave showing your uncategorized transactions.

After completing your categorization in Wave, be sure to click the re-import Wave data button when you go back to your tax return. This ensures your newly categorized transactions are included in your return. If you do not click the re-import Wave data button, the changes will not be reflected in your tax return.

Any accounting adjustments you've made on Block Advisors will be overwritten when Block Advisors pulls in new Wave data through re-import function. Review all transactions again once it's refreshed.

If you have not reconciled your accounts when you start your taxes with Block Advisors, you will not receive any additional prompts asking you to do so.

We strongly recommend that you reconcile your accounts in Wave before sending the information to Block Advisors to ensure your numbers are accurate. However, it is possible to file with Block Advisors without reconciling your accounts.

Learn how to reconcile your books in How to use Account Reconciliation.