Completing your business tax returns involves several steps and requires an accurate and complete picture of your business information.  Your business may be a Sole Proprietorship, an S-Corporation, a Partnership, a Trust or Estate.  It may be anything from a delivery service to that of a 500 employee construction company or more. 

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• Complete set of income and expense documents

• Make sure business structure is the most appropriate

• Verify accounting records are complete

• Identify all sources of income

• Select appropriate forms: 1040, 1065, 1120, 1120s etc. 

• Maximize all deductible expenses per regulations

  • Rent, leases

  • Utilities

  • Home office

  • Salaries and benefits

  • Inventory

  • Depreciation

  • Other expenses

• Calculate net profit or loss

• Identify all available credits

• Calculate tax liability and payments made

• Retain documentation per IRS requirements

• Plan for next year tax savings

• Calculate and prepare estimated quarterly payments

• Review tax situation quarterly or semiannually

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