Be ready to prepare your business taxes:

Find out when your taxes are due:
• S-corporation and Partnership March 15
• Schedule C (with 1040) and Corporation: April 15

Gather together all of the tax forms you'll need:
Business tax ID; owners information
Collect records about your business income.
Get an extension if you need one.
Make changes going forward to adapt to changing tax situations.
Copy of your prior tax return is more of necessary.Documentation of prior-year depreciation.
Amortization of intangible assets (e.g., franchises)

Income :
Include All source income:
• From operation
• sales of asset
• investment
• insurance reimburse, grants
• Business checking/savings account interest (1099-INT or statement)
• Other income, including rental income

Retail Companies:
Beginning inventory
Inventory; purchases
Ending inventory
Items removed for personal purposes
Materials and supplies
• Advertising
• Phones (only related to business)
• Computer & internet expenses

Travel expenses
• Only business trips
• Travel away from home – You should account for mileage or actual expenses if you drove – or airfare for any flights. Be sure to include costs for hotels; meals and tips; and taxi fares and tips. Remember to include any miscellaneous expenses, such as your internet access (hotel, internet café, etc.).

Other business expenses
• Commissions and fees
• Contract labor expenses paid to independent contractors
• Assets: equipment, vehicle, furniture, any asset purchase related to business operation.
• Sales price and disposition date of any assets sold
• Business insurance
• Casualty loss insurance
• Errors and omissions
• Interest expense
• Mortgage interest on building owned by business
• Business loan interest
• Investment expense and interest
• Professional fees
• Lawyers, accountants, and consultants
• Office supplies :Pens, paper, staples, and other consumables
• Rent expense
• Office space rent
• Business-use vehicle lease expense
• Office-in-home:
Square footage of office space;
Total square footage of home
Hours of use, if operating an in-home daycare
Mortgage interest or rent paid
Homeowner's or renters' insurance
Cost of home, cost of separate improvements and first date of business use

Vehicles:  business miles and actual expenses (license, insurance, fuel)

• Wages paid to employees
• Employee benefit expenses

Other expenses
Repairs, maintenance of office facility, etc.
Estimated tax payments made
Other business–related expenses
Business Health insurance

Taxes and licenses related to business:

• Excise tax or Sale tax paid;
• City tax;
• worker compensation
• Environment fee paid
• Other city and state licenses paid
• Business licenses renvew

Payroll tax paid

copy of the forms:F940,F941, F944
State forms related to payroll: LNI, Emp.Sec, Family leave
File Form 1099-NEC and Form 1096
File Form W-2 and Form W-3

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