Tax Prep Checklist
Good afternoon everyone! Tax season is just around the corner. I know I've waited until the last minute previously, and I'm aiming to get a head start this year. That's why I wanted to share this tax prep checklist I found on the QuickBooks Blog. Here are a few points to take note of...
1. Know the types of small business taxes.
- Income
- Estimate
- Excise
- Self-employment
- Employment
2. Know what tax forms you need to file.
- Schedule C
- Schedule K-1
- 1099-MISC
- 1099-NEC
3. Create a tax filing calendar.
Be sure to write down filing dates, quarterly taxes, and extension dates.
Be sure to write down filing dates, quarterly taxes, and extension dates.
4. Gather the needed business tax return documents.
In general you'll need:
In general you'll need:
- Federal Tax ID number
- Social Security number
- Previous year’s tax return—up to three years prior for both state and federal
5. Make note of common tax deductions and credits.
6. Request a filing extension if needed.
The full article linked above is loaded with additional tax preparation info. If you ever find you need an extra hand, you're always welcome to post your questions here in the Community. Take care!