USA Tax Relief Group 1-800-928-6154
Business - S-Corp - Partnership - LLC's
Business - S-Corp - Partnership - LLC's
BUSINESS TAX PREPARATION
Your business tax return will be expertly prepared by Cohen Financial
Group’s Business Tax Specialists. We prepare corporations, partnerships,
llcs and sole proprietorships. No business tax return is too complex for USA
Tax Relief. Our fees are affordable and can be as little as one-third the
cost of using a CPA firm yet our tax professionals are highly experienced
and knowledgeable.
Preparing your own business tax return,
especially for the first time, can be a frustrating
experience if you don't have all the necessary
information at your fingertips. Gathering certain
documents before you begin will help you fend
off the frustration.
Here's a list of items you may find
helpful when preparing your business
tax return:
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
Last Year's Business Tax Return
Your previous year's tax return provides valuable information and can
serve as a good roadmap for making your way through this year's return.
For example, if you are preparing your own return for the first time, your
prior-year return can verify the following:
The method you use for tracking your business finances (cash vs. accrual)
Your federal tax ID number
The date you incorporated or started your business
The date you elected to become an S corporation
Your business code number and business activity descriptions
The method you use for tracking your inventory (if applicable)
Your beginning balance sheet amounts (these will be the prior year's
ending balance sheet amounts on Schedule L)
Shareholder or partner information if there are no changes
Your previous year's return also is a great comparison tool once you
complete your current-year tax return. It can raise red flags about possible
missed deductions or items that seem unusually large or small in
comparison to the prior year.
Articles of Incorporation
If you don't have your prior-year tax return, or are filing a tax return for a
newly incorporated business, your articles of incorporation provide certain
necessary information.
List of officers
List of shareholders and possibly ownership percentages (if an S
corporation)
The state in which you incorporated your business
Partnership Agreement
Without a prior-year tax return, your partnership agreement is the
best source of the following:
Date the partnership started
List of partners
The amount of money each partner initially put into the partnership, and
current ownership percentages
Details about any specific income or expense items that are NOT allocated
based on profit, loss or ownership percentages
The method you use for tracking your business finances
Accounting Records
Income and expense records are the basis of your tax return. Depending
on your level of gross receipts and assets, you may need balance sheet
information as well. If you use accounting software, such as QuickBooks or
Quicken, to record your financial information, print out a Profit and Loss
Statement and a Balance Sheet for quick reference as you begin your tax
return. If not, you may wish to compile this information in an Excel
spreadsheet. Regardless of which software you use, organizing your
accounting records makes tax preparation much easier.
Bank Statements
Your bank statements or checking account records are a window into your
income and expense activity for the year, particularly if you don't already
have organized accounting records. Analyzing deposits and expenditures
will enable you to categorize income and deductions to prepare your tax
return. It's a good idea to reconcile your ending cash balance to the
checking account balance on your last bank statement of the year to
ensure you've captured all cash transactions in your accounting records.
Credit Card Statements
Small business owners often don't have time to keep track of day-to-day
expenditures such as gas, parking, meals, supplies, equipment and other
items. But knowing how much you've spent on them can be important at tax
time when it comes to calculating your write-offs. Your credit card
statements can be a big help in sorting out these expenses, so keep those
statements handy. Particularly valuable will be a year-end summary
statement which breaks down expenditures by category, if your card issuer
provides one.
Payroll Reports
Your payroll tax filings, both federal and state, will help ensure that you
have the correct payroll and payroll tax expenses in your accounting
records. Remember that the payroll taxes you withhold from your
employees' wages are not an expense to the business.
Detail of Asset Purchases
Major assets you buy for the business often aren't fully deductible in the
year they are purchased but must be written off, or depreciated, over a
number of years. Have the following information available for these assets:
Cost of the asset, including any sales tax paid
Description of the asset
Date put into service
Amount of time the asset is used for the business (versus for personal
use), stated as a percentage of total use
Depreciation Schedules
If you're preparing your own tax return for the first time, you'll need to enter
the details of the business's existing depreciable assets up to this tax year
into the software. The software will calculate the depreciation on these
assets going forward. You'll need the following:
Description of the asset
Date put into service
Original cost of the asset
Accumulated depreciation up to this tax year
Business use percentage (if applicable)
Recovery period of the asset (3 years, 5 years, 7 years, etc.)
Any Section 179 Expense (or first-year expense) taken in the first year of
service
Detail of Asset Dispositions
If your business sold any depreciable assets during the year, you'll need
the following information to calculate any gain or loss on the sales for tax
reporting purposes.
Description of the asset
Date of sale
Sales price of the asset
Any expenses of the sale
Accumulated depreciation (if not calculated by the software)
Vehicle Information
If the business owns any vehicles that are used by employees or
shareholders/partners for personal and business use, you'll need the
following mileage data:
Miles driven for business
Personal miles
Commuting miles
Taking a little time to gather your tax-related documents will pay off, in time
saved and frustration eliminated.
Your business tax return will be expertly prepared by Cohen Financial
Group’s Business Tax Specialists. We prepare corporations, partnerships,
llcs and sole proprietorships. No business tax return is too complex for USA
Tax Relief. Our fees are affordable and can be as little as one-third the
cost of using a CPA firm yet our tax professionals are highly experienced
and knowledgeable.
Preparing your own business tax return,
especially for the first time, can be a frustrating
experience if you don't have all the necessary
information at your fingertips. Gathering certain
documents before you begin will help you fend
off the frustration.
Here's a list of items you may find
helpful when preparing your business
tax return:
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
Last Year's Business Tax Return
Your previous year's tax return provides valuable information and can
serve as a good roadmap for making your way through this year's return.
For example, if you are preparing your own return for the first time, your
prior-year return can verify the following:
The method you use for tracking your business finances (cash vs. accrual)
Your federal tax ID number
The date you incorporated or started your business
The date you elected to become an S corporation
Your business code number and business activity descriptions
The method you use for tracking your inventory (if applicable)
Your beginning balance sheet amounts (these will be the prior year's
ending balance sheet amounts on Schedule L)
Shareholder or partner information if there are no changes
Your previous year's return also is a great comparison tool once you
complete your current-year tax return. It can raise red flags about possible
missed deductions or items that seem unusually large or small in
comparison to the prior year.
Articles of Incorporation
If you don't have your prior-year tax return, or are filing a tax return for a
newly incorporated business, your articles of incorporation provide certain
necessary information.
List of officers
List of shareholders and possibly ownership percentages (if an S
corporation)
The state in which you incorporated your business
Partnership Agreement
Without a prior-year tax return, your partnership agreement is the
best source of the following:
Date the partnership started
List of partners
The amount of money each partner initially put into the partnership, and
current ownership percentages
Details about any specific income or expense items that are NOT allocated
based on profit, loss or ownership percentages
The method you use for tracking your business finances
Accounting Records
Income and expense records are the basis of your tax return. Depending
on your level of gross receipts and assets, you may need balance sheet
information as well. If you use accounting software, such as QuickBooks or
Quicken, to record your financial information, print out a Profit and Loss
Statement and a Balance Sheet for quick reference as you begin your tax
return. If not, you may wish to compile this information in an Excel
spreadsheet. Regardless of which software you use, organizing your
accounting records makes tax preparation much easier.
Bank Statements
Your bank statements or checking account records are a window into your
income and expense activity for the year, particularly if you don't already
have organized accounting records. Analyzing deposits and expenditures
will enable you to categorize income and deductions to prepare your tax
return. It's a good idea to reconcile your ending cash balance to the
checking account balance on your last bank statement of the year to
ensure you've captured all cash transactions in your accounting records.
Credit Card Statements
Small business owners often don't have time to keep track of day-to-day
expenditures such as gas, parking, meals, supplies, equipment and other
items. But knowing how much you've spent on them can be important at tax
time when it comes to calculating your write-offs. Your credit card
statements can be a big help in sorting out these expenses, so keep those
statements handy. Particularly valuable will be a year-end summary
statement which breaks down expenditures by category, if your card issuer
provides one.
Payroll Reports
Your payroll tax filings, both federal and state, will help ensure that you
have the correct payroll and payroll tax expenses in your accounting
records. Remember that the payroll taxes you withhold from your
employees' wages are not an expense to the business.
Detail of Asset Purchases
Major assets you buy for the business often aren't fully deductible in the
year they are purchased but must be written off, or depreciated, over a
number of years. Have the following information available for these assets:
Cost of the asset, including any sales tax paid
Description of the asset
Date put into service
Amount of time the asset is used for the business (versus for personal
use), stated as a percentage of total use
Depreciation Schedules
If you're preparing your own tax return for the first time, you'll need to enter
the details of the business's existing depreciable assets up to this tax year
into the software. The software will calculate the depreciation on these
assets going forward. You'll need the following:
Description of the asset
Date put into service
Original cost of the asset
Accumulated depreciation up to this tax year
Business use percentage (if applicable)
Recovery period of the asset (3 years, 5 years, 7 years, etc.)
Any Section 179 Expense (or first-year expense) taken in the first year of
service
Detail of Asset Dispositions
If your business sold any depreciable assets during the year, you'll need
the following information to calculate any gain or loss on the sales for tax
reporting purposes.
Description of the asset
Date of sale
Sales price of the asset
Any expenses of the sale
Accumulated depreciation (if not calculated by the software)
Vehicle Information
If the business owns any vehicles that are used by employees or
shareholders/partners for personal and business use, you'll need the
following mileage data:
Miles driven for business
Personal miles
Commuting miles
Taking a little time to gather your tax-related documents will pay off, in time
saved and frustration eliminated.
| In addition, we offer a Triple Guarantee, which ensures our accuracy, year-round assistance and satisfaction. If you are not satisfied, you may choose not to accept or file the tax returns we prepare, and you will pay no fee! Give us a call at (800) 928-6154 and we will gladly give you a no obligation price quote. If you have not filed prior years’ tax returns, we can help you get your back taxes up-to-date. We can also help you to arrange a tax payment schedule with the IRS. |
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