Accounting & Operations Outsourcing Firm
  • Welcome
  • About
  • Blog
  • Contact
  • Operations Solutions
  • Accounting Solutions
  • Shop Solutions
  • Welcome
  • About
  • Blog
  • Contact
  • Operations Solutions
  • Accounting Solutions
  • Shop Solutions
Search

Accounting & Operations Blogger

Get Your Must Have Checklist for Tax Season

12/6/2018

0 Comments

 
Picture
The day to day responsibilities of entrepreneurship can leave you guessing when it comes to what you need for tax season.  Tax time is never that much fun so, this year, make sure you don’t leave out any crucial information.
 
You can start now with a simple checklist:
 

1.  File the correct tax form
Sole proprietors and single-member LLCs report business income and expenses on Schedule C that is attached to your Form 1040 Individual Tax Return.
 
If your business is a partnership or multi-member LLC, you’ll be required to report business income and expenses on Form 1065.  S corporations report business activity on Form 1120-S.  Then the partnership, LLC or S corporation issues a Schedule K-1 to its shareholders, reporting their share of the entity’s income, deductions, and credits.
 

2.  Provide business information 
When preparing to file your annual tax return, you will need to provide some basic information, including your business legal name, social security number, and address.  If you have filed for an Employer Identification Number (EIN) with the IRS for your business, you will need it as well.
 
If addition, make sure the name on your tax return matches the name on file with the Social Security Administration – otherwise, it can cause a delay with your refund.
 

3.  Get your receipts out of the box
Keeping your accounting records in order throughout the year can make it a lot easier to prepare your annual tax return. 
 
If you have a professional tax preparer or accountant, one of the first things they will ask you for is your bookkeeping records, such as your journal entries, list of revenue and expenses, bank and or credit card statement, profit and loss statement and balance sheet.
 

4.  Understand the Home Office deduction
One very common business deduction for small business owners involves the home office deduction.  You may be eligible if you use your home regularly and exclusively for business.  You can find the full instructions for Form 8829, Expenses for Business Use of Your Home, for more details on whether you qualify. 
 
 

5.  Be clear on deductions for your business vehicle 
Another common deduction associated with small business owners is car expenses.  It is important that if you drive your own car, you need to keep an accurate log of your mileage for business use. The IRS will not allow a deduction for business use of a vehicle without a record of miles driven for business.  Your log may be kept manually or electronically.

 
0 Comments

       get our Accounting & operations Tips and News in your Inbox 

    Subscribe Today

    Archives

    December 2019
    November 2019
    September 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    February 2018
    December 2017
    November 2017
    August 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Accounting
    Accounting Education
    Accounting Solutions
    Account Reconciliations
    Business Solutions
    Entrepreneur News
    Newsletter
    Oil And Gas
    Policies & Procedures



    Author

    My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.  


      Sign up for our email newsletter

    Subscribe

    RSS Feed

We Work to Provide Unique Solutions

"Our team of innovative professionals use their knowledge and experience to set your business and team of professionals  up for success.  Our extensive accounting and operations skills are a start and  key tools to company growth, building team cohesiveness, establishing clear purpose and goals, and improving process  inefficiencies.  Our services are key to businesses of all sizes.  We handle providing the detail framework to your business so that you may focus on building your business.

We also additional services and support with monthly  operational and accounting task, reconciliation and training."

Contact Us

STAY CONNECTED

NEWS & TIPS IN YOUR INBOX
JOIN IN NOW
Photo used under Creative Commons from Rennett Stowe
  • Welcome
  • About
  • Blog
  • Contact
  • Operations Solutions
  • Accounting Solutions
  • Shop Solutions