The tax deadline for businesses is fast approaching here in 2019. The deadline for business taxes for Partnerships and S-Corporations is March 15, 2019, for the year 2018; C-Corporations continue to be April 15, 2019. Business taxes must be filed by that date.
What will you need to bring to have your business taxes filed for the year 2018?
We created a checklist for you to aid you in better preparing you to have your taxes filed. This list is NOT exhaustive. The documents you may need to bring will depend on your business’ financial situation. Every business client’s situation is different, which is why the documents you must provide may vary.
Our advice: when in doubt, bring every document possible, even if you think it is not needed.
Randy Shank is willing to look through every document to determine which ones he will need to complete your 2018 business tax return.
Your Checklist:
- Prior year’s business tax return at a minimum
Randy Shank may request additional tax returns from prior years depending upon the details of your 2017 return and your businesses’ financial situation.
- Previous year’s personal income tax return
If needed, Randy may ask that you bring returns from several previous years depending upon the contents of your 2017 business tax return and the documents you provided to have your 2018 return filed.
- Asset list for depreciation
Including the asset list in your documentation is key. It allows Randy to see all assets in your business and the method used to depreciate each one. Your total depreciation list is different from your asset depreciation list. The total depreciation list does not have all the information needed for Randy to file your taxes.
- Know, or bring, your federal ID number, also known as your Employment Identification Number (EIN).
- Bring as many records of business for the past year that you have. Bank statements, check registers, payroll information, etc.
This could include documents like accounting ledgers, payroll documents for yourself and any employees, or past financial statements. If you do not have any of these and only have receipts for purchases or invoices for billed jobs/services, bring all of those. We can and are willing to compile your records in order to file your taxes. Our goal is to minimize your stress and worry as much as possible for a smooth tax filing process.
- Know the type of business filing that you have.
Many businesses register with the state as a Limited Liability Company, (LLC). We need to know if you have applied for S-Corp status for tax purposes.
We here at Shank & Company, CPA, hope that this list greatly assists you in gathering the right documentation to be prepared for your appointment with Randy Shank to file your 2018 business taxes. We are holding appointments for business tax filing for 2018 from now until March 15, 2019. We also are holding appointments for personal income taxes from now until April 15, 2019.
For a tax consultation and appointment, please contact Randy Shank, CPA, at sandccpa@gmail.com or call him at 513-442-1239 today!