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  • Paul Carrano

Business Tax Preparation Checklist

It’s Tax Season again. While most people know that personal taxes are due on April 15 (Actually April 18 this year since the 15th falls on a Saturday), if you are a small business owner, your business taxes are due a month earlier on March 15.

As a business owner, you are responsible for sending out W-2s and certain 1099s to your employees and contractors. The deadline for sending these forms out is January 31.

For businesses, while C-Corporations need to file their taxes by April 18, Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2023, if they are a calendar year business.

If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 - March 31 tax year, your business tax return would be due June 15 instead of March 15.

When you gather your paperwork and forms, here is a Tax Preparation Checklist you may want to consult to ensure you are getting everything that is necessary to us.

Tax Preparation Checklist

  • Meet with your bookkeeper.

  • Update your mileage log.

  • Gather your financial records.

  • Capture all expenses you have paid for out of pocket.

  • Record all personal expenses paid for from your business accounts.

  • Gather any 1099s you have received.

  • Make sure you have issued 1099s as appropriate.

  • Pull receipts for asset purchases.

  • Ensure your loan balances match your balance sheet.

  • Make sure your meal expenses are appropriately categorized.

  • Note any changes in business ownership.

  • Remember to deduct estimated tax payments.

  • Schedule your appointment with us.

  • Request a tax-filing extension if necessary.

Tax season can be a hassle. If you are a small business owner, you are spending time running your business. Therefore, it is essential to find the time to prepare all of your tax documents for us so we can prepare them without having to file an extension.

If you have any questions about what forms and information you need to gather, give us a call, and we can help you prepare for your meeting with us.

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