Income and expense records are the basis of your tax return. The method you use for tracking your business finances (cash or accrual).Details about any specific income or expense items that are NOT allocated based on profit, loss or ownership percentages.The amount of money each partner initially put into the partnership, and current ownership percentages.Without a prior-year tax return, your partnership agreement is the best source of: The state in which you incorporated your business.List of shareholders and possibly ownership percentages (if an S corporation).If you don't have your prior-year tax return, or are filing a tax return for a newly-incorporated business, your articles of incorporation provide certain necessary information: It can raise red flags about possible missed deductions, or items that seem unusually large or small in comparison to the prior year. Your previous year's return also is a great comparison tool once you think you have completed your current-year tax return. Shareholder or partner information if there are no changes.Your beginning balance sheet amounts (these are the same as the prior year's ending balance sheet amounts).The method you use to track your inventory (if applicable).
#Turbotax for s corp home and business code
The date you elected to become an S corporation.The date you incorporated or started your business.The method you use to track your business finances (cash versus accrual).For example, if you are preparing your own return for the first time, your prior-year return can verify: It provides valuable information and can serve as a good roadmap for making your way through this year's return. Rather not remind yourself of all the tax you paid last year? Understandable, but you still need to dig out your previous year’s return.
Here's a list of items you may find helpful when preparing your business tax return: Gathering certain documents before you begin will help you fend off the frustration. 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.
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