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Business Tax Preparation Checklist

Business Tax Preparation Checklist

Prepare to file your business tax return.
1
Introduction:
2
First step:
3
Record tax advisor/accountant contact details
4
Analysis of current and past financial data:
5
Collect copies of federal and state tax returns
6
Consult copies of articles of incorporation
7
Calculate year end balance sheets
8
Review year-end bank statements
9
Review gross receipts from sales or services
10
Check sales records (for accrual based taxpayers)
11
Calculate total returns and allowances
12
Gather business checking/savings account interest
13
Identify other income
14
Personal identification of owners:
15
List all business owners' details
16
Note the identification number of the business
17
Benefits, loans and transactions documents:
18
Compile details of fringe benefits
19
Gather documents of business loans
20
Gather records of all business insurance
21
Locate information on interest expenses
22
Document legal fees
23
Payroll data:
24
Collect payroll forms
25
List commissions paid to subcontractors
26
Record wages paid to employees
27
Expense details:
28
Collate all advertising costs
29
Document all transportation and travel expenses
30
Record office supply expenses
31
Record rental expenses
32
List any other expenses
33
List of assets and depreciation:
34
Disclose asset acquisitions
35
Work out your depreciation expense schedules
36
Document details of asset dispositions
37
IRS correspondence:
38
Find any communications with the IRS
39
Compile and deliver the documentation:
40
Compile all documentation
41
Approval: Compiled business tax documentation
42
Schedule meeting with your tax advisor/accountant
43
Sources:
44
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