| For Business >> |
Own Business Tax |
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| Having the necessary information at hand will make doing your business taxes easier |
Preparing your own business income 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 enable you to do your income taxes more efficiently and painlessly. Use to prepare and file your business income tax returns.
Here's a list of items you may find helpful when preparing your business tax return: |
| Last Year's 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 information: |
- The method you use for tracking your business finances (cash vs. accrual)
- EIN number
- Date incorporated or date business started
- The date you elected to become an S corporation
- Business code number and business activity descriptions
- The method you use for tracking your inventory (if applicable)
- 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
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| In addition, your previous year's return is a great comparison tool once you complete your current-year tax return. It can help you pinpoint any deductions missed, or any 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
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