A new year begins and a new tax season begins. Based on the IRS, the official deadline for filing a corporate tax return is March 15, 2021, for S corporations and Partnerships, and April 15, 2021, for sole proprietors and calendar year C of the corporation.
Preparing your tax return is an important step at this point, in order to help small businesses to stay ahead of deadlines this year, we've compiled a tax preparation checklist, the most basic things you need deal with before filing.
You need to prepare accurate and fully updated accounting books. The checklist will not be able to provide you with complete tax information. For example, it does not tell you about paying taxes. The checklist will help you to have the most thoughtful preparation before the tax return deadline.
Here's a list of items you may find helpful when preparing your business tax return:
Business information
Last year's business tax return
Articles of incorporation
Partnership agreement
Accounting records
Bank statements
Credit card statements
Payroll reports
Detail of asset purchases
Depreciation schedules
Detail of asset dispositions
Vehicle information
Income
Gross receipts from sales or services
Sales records (for accrual based taxpayers)
Returns and allowances
Business checking/savings account interest (1099-INT or statement)
Other income
Cost of Goods Sold (if applicable)
Inventory
Beginning inventory the total dollar amount
Inventory purchases
Ending inventory total dollar amount
Items removed for personal purposes
Materials & Supplies
Expenses
Advertising
Phones (landline, fax, or cell phones related to business)
Computer & internet expenses
Transportation and travel expenses
Commissions paid to subcontractors
Depreciation
Business insurance
Interest expense
Professional fees
Office supplies
Rent expense
Office-in-home
Wages paid to employees
Other expenses
If you, as a business owner, see that you cannot handle accounting on your own, consider hiring an accountancy service for contractors to help you with it.
Call Irvine Bookkeeping now for a Free Quote!
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