5975 Series Mass Selective Detector Site Preparation Checklist
Tax Preparation Checklist for Corporations
-
Upload
tristateaccounting -
Category
Documents
-
view
214 -
download
2
description
Transcript of Tax Preparation Checklist for Corporations
Although it’s not what corporations love focusing on, taking care of tax obligations is an important part of doing business. While there’s no way to get around the fact that dealing with taxes is a task that takes some time, there are ways to
make this process go as efficiently as possible.
When it comes to being efficient with taxes, preparation is key. Corporations can save a
significant amount of time by staying organized and taking a methodical approach to their
preparation efforts. So with that in mind, we want to go through a tax preparation checklist of
the most important things for a corporation to have in order for tax time:
Income
You will want to have all gross receipts from sales or services. And for corporations that are accrual based taxpayers, it’s important to have detailed
sales records that are well-organized.
Inventory
If your corporation has inventory, you will need to have several things together for tax purposes,
including beginning inventory, inventory purchases and ending inventory. It’s also
important to have an accurate count of items removed for personal purposes, as well as to
factor returns and allowances into this category.
Business Checking/Savings Account Interest
Even though this one is easy to overlook, it’s something that needs to be included in tax prep
efforts. Otherwise, a corporation will end up paying for this oversight down the line. Either a
1099-INT form or statement work as documentation to record this category for tax
preparation purposes.
Other Income
Throughout each quarter, a corporation may have other types of other types of income. By keeping
up with recording any other income that’s received, corporations can streamline the tax
prep process by ensuring all necessary documentation is easily available in an organized
manner.
Expenses
There are a lot of expenses corporations need to track throughout the course of the year. That’s
why it’s so important to have strong bookkeeping policies in place. Without those types of policies, far too many expenses will end up falling through the cracks. In terms of notable expenses to track, advertising, transportation and travel are at the
top of the list.
For corporations with a significant number of employees, an app or other cloud solution can be very useful for staying on top of expense tracking
like travel. Other expenses that need to be tracked and organized during tax prep include
commissions paid to subcontractors, depreciation, interest expenses and legal fees.
Thank You For Visiting Our Presentation
This checklist really drives home the fact that tax preparation for corporations is very involved. If your organization is looking for expert
support for this task, take a look at Tristate Accounting’s services page to learn more about how our team can help.
Business Address:
4735 CORNELL Road, Blue Ash, OH 45241, USA Phone: (513) 791-6288
Website: http://tristateaccounting.com