{"id":7330,"date":"2016-07-20T14:41:12","date_gmt":"2016-07-20T14:41:12","guid":{"rendered":"https:\/\/www.process.st\/templates\/business-tax-preparation-checklist\/"},"modified":"2024-04-25T11:24:38","modified_gmt":"2024-04-25T11:24:38","slug":"business-tax-preparation-checklist","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/business-tax-preparation-checklist\/","title":{"rendered":"Business Tax Preparation Workflow"},"content":{"rendered":"\n<section id=\"introduction\">\n <h2>Introduction:<\/h2>\n <div class=\"image-content\">\n  <figure>\n   <a href=\"https:\/\/ps-attachments.s3.amazonaws.com\/c44e51f5-29f1-43e7-9978-44c98ea3488c\/ihXAG7gLV1kjxiWtk7pBMg.png\" alt=\"Introduction:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ps-attachments.s3.amazonaws.com\/c44e51f5-29f1-43e7-9978-44c98ea3488c\/ihXAG7gLV1kjxiWtk7pBMg.png\"> <\/a><!-- No caption -->\n  <\/figure>\n <\/div>\n <div class=\"text-content\">\n  <p>Preparing for your tax return can be a daunting prospect.&nbsp;<\/p>\n  <p>Information from all across the business needs to be gathered and analyzed to make certain that the taxes paid are<strong> accurate and on time<\/strong>.&nbsp;<\/p>\n  <p>This is why we have put together the <strong>business tax preparation checklist<\/strong>.&nbsp;<\/p>\n  <p>Working through this list will provide you with<strong> a simple process to retrieve all the necessary documents<\/strong> and information for compiling your tax return.&nbsp;<\/p>\n  <p>As you go through, check off each set of materials once you have<strong> recovered and reviewed them<\/strong>. You can then pass this information on to your tax advisor using the final form field provided, making the process easier for everyone.<\/p>\n  <p>The information listed in this checklist covers all necessary materials for the submission of both <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1120.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Form 1120<\/a> and <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Form 1065<\/a> - <strong>covering both corporation and partnership structures<\/strong>.<\/p>\n  <p>Let's get going!<\/p>\n <\/div>\n<\/section>\n<section id=\"first-step\">\n <h2>First step:<\/h2>\n<\/section>\n<section id=\"record-tax-advisoraccountant-contact-details\">\n <h2>Record tax advisor\/accountant contact details<\/h2>\n <div class=\"text-content\">\n  <p>Record the <strong>contact details<\/strong> of the individual who is<strong> responsible for reviewing and delivering final tax documentation to the IRS.<\/strong> This will enable you to easily contact them via email upon completion of the checklist.&nbsp;<\/p>\n <\/div>\n <div class=\"text-content\">\n  <h4>Tax advisor\/accountant contact details<\/h4>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Tax advisor\/accountant - First name <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Tax advisor\/accountant - Last name <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"email-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Tax advisor\/accountant - Email address <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"analysis-of-current-and-past-financial-data\">\n <h2>Analysis of current and past financial data:<\/h2>\n<\/section>\n<section id=\"collect-copies-of-federal-and-state-tax-returns\">\n <h2>Collect copies of federal and state tax returns<\/h2>\n <div class=\"text-content\">\n  <p>Federal and state tax returns should be examined in order to <strong>determine the accuracy of taxes paid.<\/strong><\/p>\n  <p>Reviewing previous documents is an<strong> effective way to refamiliarise yourself <\/strong>with the process and materials required to complete a tax return.<\/p>\n  <p class=\"style-warning\">You should have these filed appropriately as records of your company's previous payments.<\/p>\n <\/div>\n<\/section>\n<section id=\"consult-copies-of-articles-of-incorporation\">\n <h2>Consult copies of articles of incorporation<\/h2>\n <div class=\"text-content\">\n  <p>Articles of partnership\/incorporation should be reviewed in order to <strong>determine the appropriate tax rates.<\/strong><\/p>\n  <p>These are key documents for any business and will show clarify <strong>how your company is structured<\/strong>. Your company may be an<a href=\"http:\/\/fitsmallbusiness.com\/llc-vs-s-corp-vs-c-corp\/\" rel=\"nofollow noopener\" target=\"_blank\"> LLC, an s-corp, or a c-corp<\/a> if registered in the United States, for instance.&nbsp;<\/p>\n  <p><strong>If your business operates as a corporation<\/strong> you will likely have to pay corporate tax. The tax rate varies depending on <a href=\"https:\/\/www.thebalance.com\/corporate-tax-rates-and-tax-calculation-397647\" rel=\"nofollow noopener\" target=\"_blank\">how much money your company makes<\/a>.<\/p>\n  <p>Whereas, <strong>if your business has a joint partnership structure or is an s-corp<\/strong> the shareholders of the business <a href=\"https:\/\/www.thebalance.com\/the-s-corporation-your-questions-answered-397844\" rel=\"nofollow noopener\" target=\"_blank\">pay tax personally on the dividends<\/a> they receive.<\/p>\n <\/div>\n<\/section>\n<section id=\"calculate-year-end-balance-sheets\">\n <h2>Calculate year end balance sheets<\/h2>\n <div class=\"text-content\">\n  <p>Year-end balance sheets should be examined in order to determine the applicable taxes to be paid.&nbsp;<\/p>\n  <p>The balance sheet provides a breakdown of <strong>assets, liabilities, and shareholders equity.<\/strong>&nbsp;<\/p>\n  <p class=\"style-info\">To create your balance sheet, you can use our <a href=\"https:\/\/www.process.st\/checklist\/balance-sheet-statement-preparation-checklist\" rel=\"nofollow noopener\" target=\"_blank\">balance sheet statement preparation checklist<\/a>.<\/p>\n  <p><strong>Use the form field below<\/strong> to upload a copy of your balance sheet.<\/p>\n <\/div>\n <div class=\"file-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Latest balance sheet <\/label>\n   <div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"review-yearend-bank-statements\">\n <h2>Review year-end bank statements<\/h2>\n <div class=\"text-content\">\n  <p>Year-end bank statements should be checked to verify applicable taxes to be paid.<\/p>\n  <p class=\"style-warning\">It is important to double check these documents to <strong>be sure all financial activity is accounted for and accurate.<\/strong><\/p>\n <\/div>\n<\/section>\n<section id=\"review-gross-receipts-from-sales-or-services\">\n <h2>Review gross receipts from sales or services<\/h2>\n <div class=\"text-content\">\n  <p>Gross receipts from <strong>sales or services<\/strong> should be analyzed in order to determine appropriate taxes to be paid.<\/p>\n  <p>You can review your<strong> monthly income statements<\/strong>, sometimes called profit and loss statements, for these figures.&nbsp;<\/p>\n  <p class=\"style-info\">Use our<a href=\"http:\/\/process.st\/checklist\/income-profit-and-loss-statement\" rel=\"nofollow noopener\" target=\"_blank\">&nbsp;Income (profit and loss) statement process<\/a> to see how these procedures are structured.<\/p>\n  <p><strong>Use the form field<\/strong> to record your gross receipts or sales. You will use this figure for<strong> the first entry field<\/strong> in your tax return.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Total gross receipts ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"check-sales-records-for-accrual-based-taxpayers\">\n <h2>Check sales records (for accrual based taxpayers)<\/h2>\n <div class=\"text-content\">\n  <p>Sales records are <strong>sales invoices with&nbsp;details such as<\/strong>:<\/p>\n  <ul>\n   <li>the item purchased&nbsp;<\/li>\n   <li>the date when the item was purchased&nbsp;<\/li>\n   <li>the selling price&nbsp;<\/li>\n   <li>the company who sold the item&nbsp;<\/li>\n   <li>the customer who bought it<\/li>\n   <li>related contact information<\/li>\n  <\/ul>\n  <p>Consult these sales records to ensure <strong>all details correspond with the other materials gathered<\/strong>.<\/p>\n <\/div>\n<\/section>\n<section id=\"calculate-total-returns-and-allowances\">\n <h2>Calculate total returns and allowances<\/h2>\n <div class=\"text-content\">\n  <p>Returns and allowances<strong> from year-end income statements<\/strong> should be taken into account in preparing tax returns.<\/p>\n  <p>The returns and allowances section reports the <strong>commodities returned by the customer<\/strong> and the allowances granted to a customer due to<strong> improper or defective merchandise.<\/strong><\/p>\n  <p class=\"style-info\">Returns and allowances are declared on&nbsp;<strong>item 1b of the <\/strong><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1120\" rel=\"nofollow noopener\" target=\"_blank\">IRS Form 1120<\/a> which you will use to file your return. The total figure given is<strong> deducted from the gross sales receipts you gathered in task 7<\/strong>.<\/p>\n <\/div>\n<\/section>\n<section id=\"gather-business-checkingsavings-account-interest\">\n <h2>Gather business checking\/savings account interest<\/h2>\n <div class=\"text-content\">\n  <p>Consult your bank interest built across the year to find the<strong> total amount of interest earned<\/strong>. This should have been<strong> reported in your general ledger<\/strong>.<\/p>\n  <p class=\"style-info\">Use <a href=\"https:\/\/www.irs.gov\/uac\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\">Form 1099-INT<\/a>&nbsp;to submit this material. You can find <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1099int.pdf\" rel=\"nofollow noopener\" target=\"_blank\">the instructions for filing this particular form<\/a> on the IRS' website.<\/p>\n <\/div>\n<\/section>\n<section id=\"identify-other-income\">\n <h2>Identify other income<\/h2>\n <div class=\"text-content\">\n  <p>Other income should be<strong> checked to verify appropriate taxes<\/strong> to be charged.<\/p>\n  <p>Other income is defined as reported earnings from<strong> business activities outside of core business<\/strong> <strong>operations.<\/strong><\/p>\n  <p><strong>Use the sub-checklist below to tick off applicable examples:<\/strong><\/p>\n <\/div>\n <div class=\"multi-select-content form-field-content\">\n  <div class=\"form-group\">\n   <label> (Subtasks) <\/label>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Interest income from notes receivables\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Dividends and interest income from long-term investments\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      3\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Net earnings from the sales of assets other than inventory\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      4\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Net earnings from sales of scrap items\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      5\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Gain on foreign currency exchange\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      6\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Miscellaneous rent income\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n<\/section>\n<section id=\"personal-identification-of-owners\">\n <h2>Personal identification of owners:<\/h2>\n<\/section>\n<section id=\"list-all-business-owners-details\">\n <h2>List all business owners' details<\/h2>\n <div class=\"text-content\">\n  <p>Business owner information including<strong> full names, social security numbers, and home and business addresses<\/strong>, should be submitted when filing <strong>certain business taxes<\/strong>.<\/p>\n <\/div>\n<\/section>\n<section id=\"note-the-identification-number-of-the-business\">\n <h2>Note the identification number of the business<\/h2>\n <div class=\"text-content\">\n  <p>Your company's identification number for tax purposes is the <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/employer-id-numbers-eins\" target=\"_blank\" rel=\"nofollow noopener\">Employer Identification Number<\/a> is a <strong>9 digit number issued by the IRS<\/strong>.<\/p>\n  <p>This number allows a<strong> US business to pay its federal taxes<\/strong>. Make sure you have this number available when filling out your tax returns.&nbsp;<\/p>\n  <p>Note your EIN in the<strong> form field below.<\/strong><\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> EIN <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"benefits-loans-and-transactions-documents\">\n <h2>Benefits, loans and transactions documents:<\/h2>\n<\/section>\n<section id=\"compile-details-of-fringe-benefits\">\n <h2>Compile details of fringe benefits<\/h2>\n <div class=\"text-content\">\n  <p>There are a range of <strong>deductibles and tax credits<\/strong> which your company may or may not be eligible for.&nbsp;<\/p>\n  <p>Gather any materials related to the<strong> fringe benefits your company offers<\/strong> in case they can prove beneficial for tax purposes.<\/p>\n  <p class=\"style-warning\">These items include employer-paid pension\/profit sharing contributions, employer paid HSA contributions, employer-paid health insurance premiums and cost of other fringe benefits.<\/p>\n <\/div>\n<\/section>\n<section id=\"gather-documents-of-business-loans\">\n <h2>Gather documents of business loans<\/h2>\n <div class=\"text-content\">\n  <p><strong>Loan schedules and agreements<\/strong> should be examined to determine the appropriate taxes.<\/p>\n  <p><\/p>\n <\/div>\n<\/section>\n<section id=\"gather-records-of-all-business-insurance\">\n <h2>Gather records of all business insurance<\/h2>\n <div class=\"text-content\">\n  <ul>\n   <li><strong>General Liability Insurance<\/strong>:&nbsp;This includes the&nbsp;protection against risks as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and the like<\/li>\n   <li><strong>Product Liability Insurance:&nbsp;<\/strong>&nbsp;This includes financial loss as a result of a defective product that causes injury or bodily harm.&nbsp;<\/li>\n   <li><strong>Professional Liability Insurance:&nbsp;<\/strong>It is the protection of the business against malpractice, errors, and negligence in the provision of services to your customers.<\/li>\n   <li><strong>Commercial Property Insurance:&nbsp;<\/strong>It is the &nbsp;protection of &nbsp;the business against the loss and damage of company properties due to a wide-variety of hazards such as fire, smoke, wind and hail storms, civil disobedience and vandalism.&nbsp;<\/li>\n  <\/ul>\n <\/div>\n<\/section>\n<section id=\"locate-information-on-interest-expenses\">\n <h2>Locate information on interest expenses<\/h2>\n <div class=\"text-content\">\n  <p>For businesses, <strong>interest expense can be a tax deductible item<\/strong> because it is a large part of the costs of doing business just like other overhead costs, provided, however, that it can be shown that the loan was<strong> necessary for the business<\/strong>.<\/p>\n <\/div>\n<\/section>\n<section id=\"document-legal-fees\">\n <h2>Document legal fees<\/h2>\n <div class=\"text-content\">\n  <p>Legal fees are subject to being<strong> counted as deductibles.<\/strong><\/p>\n  <p>Here are some <strong>examples of legal fees:<\/strong><\/p>\n  <ul>\n   <li><strong>Consultation Fees<\/strong>: The lawyer may charge a fixed or hourly fee for your first meeting where you both determine whether the lawyer can assist you.<\/li>\n   <li><strong>Contingency Fees<\/strong>: The reimbursement of a lawyer's expenses in handling your case in the event that lawsuit loses the legal battle.<\/li>\n   <li><strong>Flat Fees<\/strong>: A lawyer charges an upfront fee. A standard fee before legal services is undertaken. It is usually offered only if your case is relatively simple or routine.<\/li>\n   <li><strong>Hourly Rate<\/strong>: The lawyer will charge you for each hour (or a portion of an hour) that the lawyer works on your case.&nbsp;<\/li>\n   <li><strong>Referral Fees<\/strong>: A lawyer who refers you to another lawyer may ask for a portion of the total fee you pay for the case.&nbsp;<\/li>\n   <li><strong>Retainer Fees:<\/strong> The lawyer is paid a set fee, perhaps based on the lawyer's hourly rate.&nbsp;<\/li>\n   <li><strong>Statutory Fees<\/strong>: The fees in some cases may be set by an existing law or a court may set and approve a fee that you pay. These types of fees may appear in&nbsp;bankruptcy&nbsp;or other proceedings.<\/li>\n  <\/ul>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Legal fees (Name and $ amount) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"payroll-data\">\n <h2>Payroll data:<\/h2>\n<\/section>\n<section id=\"collect-payroll-forms\">\n <h2>Collect payroll forms<\/h2>\n <div class=\"text-content\">\n  <p>&nbsp;Gather a record of all payroll forms including reviewing<a href=\"https:\/\/www.irs.gov\/uac\/form-1099-int-interest-income\" target=\"_blank\" rel=\"nofollow noopener\">&nbsp;Form 1099 <\/a>for any contracted work.<\/p>\n <\/div>\n <div class=\"url-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Link to payroll documentation <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"list-commissions-paid-to-subcontractors\">\n <h2>List commissions paid to subcontractors<\/h2>\n <div class=\"text-content\">\n  <p>Commissions paid to subcontractors are subjected to applicable tax rates.<\/p>\n  <p>Collect<strong> information for your tax advisor on any commissions<\/strong> you have paid.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Commission paid to subcontractors ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"record-wages-paid-to-employees\">\n <h2>Record wages paid to employees<\/h2>\n <div class=\"text-content\">\n  <p>Gather information on <strong>all wages paid to the employees<\/strong> working within your business.<\/p>\n  <p>Wages paid to employees (forms<a href=\"https:\/\/www.irs.gov\/uac\/about-form-w2\" target=\"_blank\" rel=\"nofollow noopener\"> W2<\/a> and <a href=\"https:\/\/www.irs.gov\/uac\/about-form-w3\" target=\"_blank\" rel=\"nofollow noopener\">W3<\/a>)&nbsp; and the federal and state payroll returns (<a href=\"https:\/\/www.irs.gov\/uac\/about-form-940\" target=\"_blank\" rel=\"nofollow noopener\">Form 940<\/a>, etc.) will need to be filed as part of your tax return.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Employee wages ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"expense-details\">\n <h2>Expense details:<\/h2>\n<\/section>\n<section id=\"collate-all-advertising-costs\">\n <h2>Collate all advertising costs<\/h2>\n <div class=\"text-content\">\n  <p>Record your<strong> total advertising spending<\/strong> for the year.&nbsp;<\/p>\n  <p><strong>Use the form field below<\/strong> to note the amount.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Total advertising spend ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"document-all-transportation-and-travel-expenses\">\n <h2>Document all transportation and travel expenses<\/h2>\n <div class=\"text-content\">\n  <p><strong>Record local transportation costs such as <\/strong>business trip (mileage) logs and receipts for public transportation, parking and tolls.<\/p>\n  <p>Include information on <strong>travel away from home such as:<\/strong><\/p>\n  <ul>\n   <li>Airfare or mileage<\/li>\n   <li>Accommodation expenses<\/li>\n   <li>Meals, tips<\/li>\n   <li>Taxi, tips<\/li>\n   <li>Internet connection (hotel, Internet caf\u00e9 etc.)<\/li>\n   <li>Others<\/li>\n  <\/ul>\n  <p>&nbsp;This also includes repair bills and lease information.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Transportation and travel expenses ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"record-office-supply-expenses\">\n <h2>Record office supply expenses<\/h2>\n <div class=\"text-content\">\n  <p>This includes pens, paper, staples,&nbsp;and other <strong>small costs<\/strong>. It also includes spending on computers, printers, and other <strong>more expensive office related equipment<\/strong>.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Office supply expenses ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"record-rental-expenses\">\n <h2>Record rental expenses<\/h2>\n <div class=\"text-content\">\n  <p>Include spending on office space rent, business-use vehicles, and renting costs of any specialist equipment.<\/p>\n  <p><strong>Record the total rental costs in the form field below<\/strong>.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Rental expenses ($) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"list-any-other-expenses\">\n <h2>List any other expenses<\/h2>\n <div class=\"text-content\">\n  <p><strong>Include details of any further expenses<\/strong> not covered by the previous categories.<\/p>\n  <p>This could be costs of repairs, maintenance of office facility, or&nbsp;other business related expenses.<\/p>\n <\/div>\n <div class=\"textarea-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Other expenses (Name and $ amount) <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"list-of-assets-and-depreciation\">\n <h2>List of assets and depreciation:<\/h2>\n<\/section>\n<section id=\"disclose-asset-acquisitions\">\n <h2>Disclose asset acquisitions<\/h2>\n <div class=\"text-content\">\n  <p>Itemize&nbsp;the total costs of any <strong>assets acquired over the taxable period<\/strong>.<\/p>\n  <p><strong>This includes:<\/strong><\/p>\n  <ul>\n   <li>The initial&nbsp;cost of the asset&nbsp;(including any paid sales tax)<\/li>\n   <li>Description of the asset<\/li>\n   <li>Date put into service<\/li>\n   <li>The amount of time the asset is used for the business (versus for personal use) stated as a percentage of total utilization.<\/li>\n  <\/ul>\n <\/div>\n <div class=\"textarea-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Asset acquisitions (Name and $ amount) <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n <\/div>\n <div class=\"file-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> List of asset acquisitions <\/label>\n   <div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"work-out-your-depreciation-expense-schedules\">\n <h2>Work out your depreciation expense schedules<\/h2>\n <div class=\"text-content\">\n  <p>To assess the total value of assets held, <a href=\"http:\/\/www.accountingtools.com\/overview-of-depreciation\" rel=\"nofollow noopener\" target=\"_blank\">the asset values need to account for depreciation<\/a>.&nbsp;<\/p>\n  <p>The accumulated depreciation is a contra account, which means that it acts as <strong>a deduction from the original value of the asset.&nbsp;<\/strong><\/p>\n  <p>When you calculate your figures, you should include:<\/p>\n  <ul>\n   <li>The description of the asset<\/li>\n   <li>Date put into service<\/li>\n   <li>The original cost of the asset<\/li>\n   <li>Accumulated depreciation up to this tax year<\/li>\n   <li>Business use percentage (if applicable)<\/li>\n   <li>The recovery period of the asset (3 years, 5 years, 7 years, etc.)<\/li>\n   <li>Any<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/179\" rel=\"nofollow noopener\" target=\"_blank\"> Section 179 Expense<\/a> (or first-year expense) taken in the first year of service<\/li>\n  <\/ul>\n  <p class=\"style-info\"><strong>See the image above as an example<\/strong>.&nbsp;<\/p>\n <\/div>\n<\/section>\n<section id=\"document-details-of-asset-dispositions\">\n <h2>Document details of asset dispositions<\/h2>\n <div class=\"text-content\">\n  <p>Record the details of any asset dispositions. This normally refers to a <strong>direct sale of an asset the company held.<\/strong><\/p>\n  <p>Record this information including:<\/p>\n  <ul>\n   <li>The description of the asset<\/li>\n   <li>Date of sale<\/li>\n   <li>The sales price of the asset<\/li>\n   <li>Any expenses of the sale<\/li>\n   <li>Accumulated depreciation<\/li>\n  <\/ul>\n <\/div>\n <div class=\"textarea-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Asset dispositions (Name and $ amount) <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n <\/div>\n <div class=\"file-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> List of asset dispositions <\/label>\n   <div class=\"file-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button>\n   <\/div>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"irs-correspondence\">\n <h2>IRS correspondence:<\/h2>\n<\/section>\n<section id=\"find-any-communications-with-the-irs\">\n <h2>Find any communications with the IRS<\/h2>\n <div class=\"text-content\">\n  <p>Exchange of printed official <strong>communications between the taxpayer and the IRS should be compiled<\/strong>&nbsp;as part of your documentation.<\/p>\n <\/div>\n<\/section>\n<section id=\"compile-and-deliver-the-documentation\">\n <h2>Compile and deliver the documentation:<\/h2>\n<\/section>\n<section id=\"compile-all-documentation\">\n <h2>Compile all documentation<\/h2>\n <div class=\"text-content\">\n  <p><strong>Provide instructions and\/or a URL to the compiled documentation<\/strong> relevant to your business taxes, using the form fields in this task.<\/p>\n <\/div>\n <div class=\"textarea-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Business tax documentation <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n <\/div>\n <div class=\"url-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Business tax documentation (URL) <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>Using the Members form field below,&nbsp;<strong>assign the individual who will approve the compiled documentation<\/strong>.<\/p>\n <\/div>\n <div class=\"members-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Who will approve compiled documentation? <\/label> <select disabled class=\"form-control\"> <option value=\"A member or group will be selected here\">A member or group will be selected here<\/option> <\/select>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"approval-compiled-business-tax-documentation\">\n <h2>Approval: Compiled business tax documentation<\/h2>\n <div class=\"approval-content\">\n  <div class=\"header\">\n   <div class=\"list-title\">\n    Will be submitted for approval:\n   <\/div>\n  <\/div>\n  <div class=\"approval-rule-subject-tasks-list\">\n   <ul class=\"list\">\n    <li>\n     <div class=\"approval-rule-subject-tasks-list-item\">\n      <div class=\"item\">\n       <div class=\"container\">\n        <span class=\"title\">Compile all documentation<\/span>\n        <div class=\"body\">\n         Will be submitted\n        <\/div>\n       <\/div>\n      <\/div>\n     <\/div><\/li>\n   <\/ul>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"schedule-meeting-with-your-tax-advisoraccountant\">\n <h2>Schedule meeting with your tax advisor\/accountant<\/h2>\n <div class=\"text-content\">\n  <p>Once all materials have been gathered, you can begin to go through the different forms your company needs to complete.&nbsp;<\/p>\n  <p><strong>Organize all your documentation<\/strong> so that it can be easily understood and <strong>use the email widget below to arrange a meeting with a tax consultant<\/strong> to go through the filing process with you.<\/p>\n <\/div>\n <div class=\"date-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Proposed time to review all documentation <\/label>\n   <div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"sources\">\n <h2>Sources:<\/h2>\n <div class=\"text-content\">\n  <ul>\n   <li><a href=\"http:\/\/fitsmallbusiness.com\/llc-vs-s-corp-vs-c-corp\/\" rel=\"nofollow\">Fit Small Business - Best Business Structure<\/a>&nbsp;<\/li>\n   <li><a href=\"https:\/\/www.thebalance.com\/corporate-tax-rates-and-tax-calculation-397647\" rel=\"nofollow\">The Balance - Corporate Tax Rates, and Calculating What You Owe<\/a>&nbsp;<\/li>\n   <li><a href=\"https:\/\/www.thebalance.com\/the-s-corporation-your-questions-answered-397844\" rel=\"nofollow\">The Balance - The S Corporation: Your Questions Answered<\/a>&nbsp;<\/li>\n   <li><span><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/small-business-taxes\/business-tax-preparation\/L4qFPmb5K\" rel=\"nofollow noopener\" target=\"_blank\">TurboTax - Business Tax Preparation<\/a><\/span><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/uac\/form-1099-int-interest-income\" rel=\"nofollow noopener\" target=\"_blank\">IRS - Form 1099-INT<\/a><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1120.pdf\" rel=\"nofollow noopener\" target=\"_blank\">IRS - Form 1120<\/a><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065.pdf\" rel=\"nofollow noopener\" target=\"_blank\">IRS - Form 1065<\/a><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1099int.pdf\" rel=\"nofollow noopener\" target=\"_blank\">IRS - Form 1099 Instructions<\/a><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1120.pdf\" rel=\"nofollow noopener\" target=\"_blank\">IRS - Form 1120 Instructions<\/a><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1065.pdf\" rel=\"nofollow noopener\" target=\"_blank\">IRS - Form 1065 Instructions<\/a><\/li>\n   <li><a href=\"https:\/\/www.legalzoom.com\/articles\/6-steps-to-filing-corporation-taxes\" rel=\"nofollow noopener\" target=\"_blank\">LegalZoom - 6 Steps to Filing Corporation Tax<\/a><\/li>\n   <li><a href=\"https:\/\/www.legalzoom.com\/articles\/5-steps-to-filing-partnership-taxes\" rel=\"nofollow noopener\" target=\"_blank\">LegalZoom - 5 Steps to Filing Partnership Tax<\/a><\/li>\n   <li><a href=\"http:\/\/smallbusiness.chron.com\/prepare-file-small-business-taxes-4341.html\" rel=\"nofollow noopener\" target=\"_blank\">Chron - How to Prepare and File Small Business Taxes<\/a><\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/uac\/about-form-w2\" rel=\"nofollow noopener\" target=\"_blank\">IRS - About Form W2<\/a>&nbsp;<\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/uac\/about-form-w3\" rel=\"nofollow noopener\" target=\"_blank\">IRS - About Form W3<\/a>&nbsp;<\/li>\n   <li><a href=\"https:\/\/www.irs.gov\/uac\/about-form-940\" rel=\"nofollow noopener\" target=\"_blank\">IRS - About Form 940<\/a><\/li>\n   <li><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/179\" rel=\"nofollow noopener\" target=\"_blank\">Cornell - Legal Information Institute: 26 U.S. Code 179<\/a><\/li>\n   <li><a href=\"http:\/\/www.accountingtools.com\/overview-of-depreciation\" rel=\"nofollow noopener\" target=\"_blank\">Accounting Tools - Overview of Depreciation<\/a><\/li>\n  <\/ul>\n <\/div>\n<\/section>\n<section id=\"related-checklists\">\n <h2>Related checklists:<\/h2>\n <div class=\"text-content\">\n  <ul>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/accounting-onboarding-procedures\/\" rel=\"nofollow\">Accounting Onboarding Procedures<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/creating-an-invoice\/\" rel=\"nofollow\">Creating an Invoice<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/bank-reconciliation-template\/\" rel=\"nofollow\">Bank Reconciliation Template<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/expense-management-process\/\" rel=\"nofollow\">Expense Management Process<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/accounts-receivable-process\/\" rel=\"nofollow\">Accounts Receivable Process<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/accounts-payable-process\/\" rel=\"nofollow\">Accounts Payable Process<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/income-profit-and-loss-statement-process\/\" rel=\"nofollow\">Income (Profit and Loss) Statement Process<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/cash-flow-report\" rel=\"nofollow\">Cash Flow Report<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/balance-sheet-statement-preparation-checklist\" rel=\"nofollow\">Balance Sheet Statement Preparation Checklist<\/a><\/li>\n   <li><a href=\"https:\/\/www.process.st\/checklist\/annual-financial-report-template\/\" rel=\"nofollow\">Annual Financial Report Template<\/a><\/li>\n  <\/ul>\n <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Introduction: Preparing for your tax return can be a daunting prospect.&nbsp; Information from all across the business needs to be gathered and analyzed to make certain that the taxes paid are accurate and on time.&nbsp; This is why we have put together the business tax preparation checklist.&nbsp; Working through this list will provide you with [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7331,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"cover_icon_emoji":"\u2705","cover_icon_url":"","tasks_count":"44","template_description":"Prepare to file your business tax return.","template_id":"o5Gyf84q_roA2PVIDYpKKQ","task_0":"Introduction:","task_slug_0":"introduction","task_1":"First step:","task_slug_1":"first-step","task_2":"Record tax advisor\/accountant contact details","task_slug_2":"record-tax-advisoraccountant-contact-details","task_3":"Analysis of current and past financial data:","task_slug_3":"analysis-of-current-and-past-financial-data","task_4":"Collect copies of federal and state tax returns","task_slug_4":"collect-copies-of-federal-and-state-tax-returns","task_5":"Consult copies of articles of incorporation","task_slug_5":"consult-copies-of-articles-of-incorporation","task_6":"Calculate year end balance sheets","task_slug_6":"calculate-year-end-balance-sheets","task_7":"Review year-end bank statements","task_slug_7":"review-yearend-bank-statements","task_8":"Review gross receipts from sales or services","task_slug_8":"review-gross-receipts-from-sales-or-services","task_9":"Check sales records (for accrual based taxpayers)","task_slug_9":"check-sales-records-for-accrual-based-taxpayers","task_10":"Calculate total returns and allowances","task_slug_10":"calculate-total-returns-and-allowances","task_11":"Gather business checking\/savings account interest","task_slug_11":"gather-business-checkingsavings-account-interest","task_12":"Identify other income","task_slug_12":"identify-other-income","task_13":"Personal identification of owners:","task_slug_13":"personal-identification-of-owners","task_14":"List all business owners' details","task_slug_14":"list-all-business-owners-details","task_15":"Note the identification number of the business","task_slug_15":"note-the-identification-number-of-the-business","task_16":"Benefits, loans and transactions documents:","task_slug_16":"benefits-loans-and-transactions-documents","task_17":"Compile details of fringe benefits","task_slug_17":"compile-details-of-fringe-benefits","task_18":"Gather documents of business loans","task_slug_18":"gather-documents-of-business-loans","task_19":"Gather records of all business insurance","task_slug_19":"gather-records-of-all-business-insurance","task_20":"Locate information on interest expenses","task_slug_20":"locate-information-on-interest-expenses","task_21":"Document legal fees","task_slug_21":"document-legal-fees","task_22":"Payroll data:","task_slug_22":"payroll-data","task_23":"Collect payroll forms","task_slug_23":"collect-payroll-forms","task_24":"List commissions paid to subcontractors","task_slug_24":"list-commissions-paid-to-subcontractors","task_25":"Record wages paid to employees","task_slug_25":"record-wages-paid-to-employees","task_26":"Expense details:","task_slug_26":"expense-details","task_27":"Collate all advertising costs","task_slug_27":"collate-all-advertising-costs","task_28":"Document all transportation and travel expenses","task_slug_28":"document-all-transportation-and-travel-expenses","task_29":"Record office supply expenses","task_slug_29":"record-office-supply-expenses","task_30":"Record rental expenses","task_slug_30":"record-rental-expenses","task_31":"List any other expenses","task_slug_31":"list-any-other-expenses","task_32":"List of assets and depreciation:","task_slug_32":"list-of-assets-and-depreciation","task_33":"Disclose asset acquisitions","task_slug_33":"disclose-asset-acquisitions","task_34":"Work out your depreciation expense schedules","task_slug_34":"work-out-your-depreciation-expense-schedules","task_35":"Document details of asset dispositions","task_slug_35":"document-details-of-asset-dispositions","task_36":"IRS correspondence:","task_slug_36":"irs-correspondence","task_37":"Find any communications with the IRS","task_slug_37":"find-any-communications-with-the-irs","task_38":"Compile and deliver the documentation:","task_slug_38":"compile-and-deliver-the-documentation","task_39":"Compile all documentation","task_slug_39":"compile-all-documentation","task_40":"Approval: Compiled business tax documentation","task_slug_40":"approval-compiled-business-tax-documentation","task_41":"Schedule meeting with your tax advisor\/accountant","task_slug_41":"schedule-meeting-with-your-tax-advisoraccountant","task_42":"Sources:","task_slug_42":"sources","task_43":"Related checklists:","task_slug_43":"related-checklists","task_44":"","task_slug_44":"","task_45":"","task_slug_45":"","task_46":"","task_slug_46":"","task_47":"","task_slug_47":"","task_48":"","task_slug_48":"","task_49":"","task_slug_49":"","task_50":"","task_slug_50":"","task_51":"","task_slug_51":"","task_52":"","task_slug_52":"","task_53":"","task_slug_53":"","task_54":"","task_slug_54":"","task_55":"","task_slug_55":"","task_56":"","task_slug_56":"","task_57":"","task_slug_57":"","task_58":"","task_slug_58":"","task_59":"","task_slug_59":"","task_60":"","task_slug_60":"","task_61":"","task_slug_61":"","task_62":"","task_slug_62":"","task_63":"","task_slug_63":"","task_64":"","task_slug_64":"","task_65":"","task_slug_65":"","task_66":"","task_slug_66":"","task_67":"","task_slug_67":"","task_68":"","task_slug_68":"","task_69":"","task_slug_69":"","task_70":"","task_slug_70":"","task_71":"","task_slug_71":"","task_72":"","task_slug_72":"","task_73":"","task_slug_73":"","task_74":"","task_slug_74":"","task_75":"","task_slug_75":"","task_76":"","task_slug_76":"","task_77":"","task_slug_77":"","task_78":"","task_slug_78":"","task_79":"","task_slug_79":"","task_80":"","task_slug_80":"","task_81":"","task_slug_81":"","task_82":"","task_slug_82":"","task_83":"","task_slug_83":"","task_84":"","task_slug_84":"","task_85":"","task_slug_85":"","task_86":"","task_slug_86":"","task_87":"","task_slug_87":"","task_88":"","task_slug_88":"","task_89":"","task_slug_89":"","task_90":"","task_slug_90":"","task_91":"","task_slug_91":"","task_92":"","task_slug_92":"","task_93":"","task_slug_93":"","task_94":"","task_slug_94":"","task_95":"","task_slug_95":"","task_96":"","task_slug_96":"","task_97":"","task_slug_97":"","task_98":"","task_slug_98":"","task_99":"","task_slug_99":"","footnotes":""},"categories":[6,7],"tags":[],"class_list":["post-7330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miscellaneous"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/posts\/7330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/comments?post=7330"}],"version-history":[{"count":0,"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/posts\/7330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/media\/7331"}],"wp:attachment":[{"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/media?parent=7330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/categories?post=7330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.process.st\/templates\/wp-json\/wp\/v2\/tags?post=7330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}