Do you end up frustrated every year when tax time comes around? All the forms, receipts, and statements you need to gather, (plus how frequently tax laws change, especially in recent years), it’s no wonder that tax season is dreaded by business owners and individuals alike. At Blueprint Financial, our team of CPAs and accountants are here to ensure you don’t miss any important tax advantages for your business.
Business Tax Preparation Checklist
When preparing to file taxes for your business, it is crucial to make sure you have all your forms and records in order. We’ve put together a checklist for you to aid in the process of gathering necessary documents. Before filing your business taxes, you will need;
- Income statements; including receipts, sales records, business bank account interest, and 1099-NECs or W-2s.
- Inventory statements and costs of goods sold.
- Expenses; including advertising, phone/internet, travel, insurance, loan interest, rents, supplies, wages/benefits, and fees.
- Applicable Economic Income Payments (IRS Letter 6475) or Advance Child Tax Credit payments (IRS Letter 6419).
- Partnerships; Form 1065 and partner information including SSN/EIN
- S Corporations; Form 1120S, federal and state EINs and shareholder information.
- C Corporations; Form 1120, federal and state EINs and shareholder information.
The deadline for requesting extensions in 2022, was March 15 for individuals and S Corporations, while the deadline for C Corporations is April 15. Tax Day is April 18, 2022.
Individual Tax Checklist
Blueprint Financial offers help with personal tax filing for our business clients. The benefit of having an experienced and multifaceted tax team on your and your business’s side is invaluable. Before filing personal taxes, here are the things you’ll need;
- Income Sources; including W-2s, 1099s, Economic Impact Payments (IRS Letters 1444 or 6475), interest and investment statements including retirement and savings accounts.
- Dependent(s) Information; Advance Child Tax Credit (IRS Letter 6419), childcare and educational expenses.
- Medical Expenses and Health Insurance; Form 1095-A if enrolled in an insurance plan through the Healthcare Marketplace.
Don’t let tax season get you down! Blueprint Financial‘s specialized team of CPAs and accountants have experience with all types of business formations and all stages of tax compliance. Give yourself and your business the support from tax professionals you deserve.
