Preparing your own business 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 help you fend off the frustration. Here's a list of items you may find helpful when preparing your business tax return:
Business information
Last year's business tax return
Articles of incorporation
Partnership agreement
Accounting records
Bank statements
Credit card statements
Payroll reports
Detail of asset purchases
Depreciation schedules
Detail of asset dispositions
Vehicle information
Income
Gross receipts from sales or services
Sales records (for accrual based taxpayers)
Returns and allowances
Business checking/savings account interest (1099-INT or statement)
Other income
Cost of Goods Sold (if applicable)
Inventory
Beginning inventory total dollar amount
Inventory purchases
Ending inventory total dollar amount
Items removed for personal purposes
Materials & Supplies
Expenses
Advertising
Phones (landline, fax or cell phones related to business)
Computer & internet expenses
Transportation and travel expenses
Commissions paid to subcontractors
Depreciation
Business insurance
Interest expense
Professional fees
Office supplies
Rent expense
Office-in-home
Wages paid to employees
Other expenses
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Call Irvine Bookkeeping today if you have any questions regarding statement of cashflows. You reach us at 949-545-9980 or visit us at www.irvinebookkeeping.com