Small Business Tax Deductions Checklist Pdf – There are two kinds of people who come tax time. You have people fired up and filing their taxes on day one. And, you have people who groan and groan at the last minute. Which one are you?
You may be last—your favorite thing in the world is filing your small business tax return. If so, you need a small business tax preparation checklist.
Small Business Tax Deductions Checklist Pdf
Or maybe you can’t wait to file your company’s SPT first. In this case, you’ve created your own small business tax return checklist and want to compare them.
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Regardless, read on to see our small business tax preparation checklist… and say goodbye to procrastination.
Some people may find it fun to check things off their to-do list. Fun or not, using a checklist can help you stay organized and clear. And who wants to lose tax credits or pay fines for careless filings?
Use this small business tax preparation checklist to help you meet your responsibilities this tax season:
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Your first task on your small business tax checklist is to determine which forms you need to file. There isn’t a standard form that all small business owners use—your form depends on your business entity.
Are you a sole proprietor or sole proprietor? Use Schedule C, Business Profit or Loss, and attach it to your personal income tax return (Form 1040).
Or are you a partner or part owner in a multi-member LLC? If yes, file Form 1065, US Partnership Income Returns, and attach Schedule K-1 (Form 1065).
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The tax form for those who need a corporate tax preparation checklist is Form 1120, US Corporate Tax Return. Multi-member LLCs that are taxed as corporations also use Form 1120.
Finally, if you are regulated as an S Corp, the tax form you must use is 1120-S, the US Income Tax Return for S Corporation.
The next step on your small business tax preparation checklist is knowing when your business taxes are due. The application deadline depends on your business structure.
Small Business Tax
Single-owner, single-member LLCs, multi-member LLCs are taxed as corporations, and corporations with a tax year ending December 31 must file by April 15. This is the same period as a personal tax return.
If March 15 or April 15 falls on a weekend or holiday, you must submit your application by the next business day.
All the steps on the small business tax checklist are important. But it is without a doubt the longest, most complicated and one of the most important parts of preparing the most accurate tax forms.
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Filling in your tax information is not a guessing game. You can’t just jot down your income and expenses based on a fuzzy memory. If you want to make a proper income, you have to have the facts right in front of you.
Find your Taxpayer Identification Number. This is important. How else can the IRS identify your business? Depending on your business structure and whether you have employees, you may be able to use your social security number. Otherwise, you must use a Federal Employer Identification Number (FEIN).
Next, compile and analyze balance sheets and income statements. If you use accounting software, creating these reports should be easy. The income statement lists your business’s income, expenses, and earnings for the year. And your balance sheet shows your assets, liabilities and equity.
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In addition to your financial statements, you will need some supporting documents. Collect receipts, bank statements, credit card statements and payslips to support your work.
Also, be prepared to find copies of your estimated tax returns. And find last year’s business tax returns.
The next stop on the tax preparation bandwagon is determining whether you qualify for a tax credit. Business tax credits and deductions are a great way to reduce your tax liability. And depending on your business, you may have many requirements.
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Businesses can claim both a tax credit and a credit for qualification fees. In general, tax incentives encourage businesses to take some action that benefits the other party (such as offering reasonable accommodations).
Before you claim a credit or deduction, make sure you have records to back it up. And you need to understand IRS rules. For example, you can’t claim a home office tax credit unless you meet certain IRS requirements.
If you are self-employed, you will need to make estimated tax payments to cover your obligations. When you’re self-employed, no one takes taxes from your paycheck.
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Business owners pay quarterly estimated taxes. If you have made estimated tax payments during the year, you can deduct them from your total tax liability.
Instead of collecting questionable items, you may decide to expand your business taxes. Filing extensions give you more time to complete and file your small business tax return.
If you need an extension of your tax return, you must file an IRS extension form before your tax return is due.
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You may need to be prepared for situations where you cannot afford to pay your tax obligations all at once.
While estimating tax payments is helpful, you may miscalculate your liability and leave too many expenses at tax time. If so, you need to know your options and pursue the one that best fits your business needs.
Regardless of which tax filing you file with the IRS, you must file your tax return on time (unless you have received an extension).
What Documents Do I Need To File Taxes?
Once you’ve gathered all the records and made a preliminary decision about the deductions and credits you can claim, it’s time to contact your accountant.
Your accountant can help you check the accuracy of your return. They can also find other discounts or credits you can claim. And an accountant can help you through the filing process to make sure your return is solid.
Finally, you’ve come to the last box to check off your small business tax return checklist. Once you and your accountant have the green light, it’s time to file.
Small Business Tax Preparation Checklist
You can file your business tax return electronically or in paper form. Electronic submissions are a faster process than paper submissions, and you will receive instant confirmation that your application has been submitted.
If you decide to file electronically through the IRS system, you can make your tax payments through the Electronic Federal Tax Payment System (EFTPS).
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Normal Business Discount Excel + PDF | List of Tax Deductions | For Side hustle, Entrepreneur, Home Business | Business tax preparation
✔ Simplest – Excel and PDF included make it easy for you to enter income and expenses for your business.
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✔ List Normal Tax Deductions (for Small Business) – This Excel and PDF lists the amount of expenses you need to deduct for your business/small business.
★ We do not provide tax advice and encourage all our clients to always seek professional tax advice from a tax professional/tax accountant for their unique circumstances and to stay current with the latest tax laws/regulations.
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The Ultimate Small Business Tax Deductions Checklist
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