S Corps & Partnerships Tax Preparation

There’s no denying that SubCorporation (1120S) and Partnership (1065) Taxes can be harrowing, even for many commercial tax preparers, let alone for a business owner hoping to prepare them properly.

Over the 20+ years of preparing S Corp and Partnership business tax returns, my singular goal has been to demystify the entire process for my clients so they can receive the best possible deduction. I do this through helping them understand how to best keep track of their income and expenses and handling all the technical aspects myself (including, of course, the preparation of their tax returns).

What paperwork do I need?

In addition to your usual personal income tax documents, please add up each of the following categories for the year:

• Advertising
• Commissions and fees
• Contract labor (we will help you file your 1099’s if needed)
• Business insurance
• Liability insurance
• Legal and professional fees
• Office supplies and expenses
• Postage
• Repairs and maintenance of business equipment
• Supplies (not inventory)
• Government fees and licenses
• Meal and entertainment and expenses (We will discuss record keeping and deductibility with you)
• Utilities
• Cell phone expenses
• Internet service provider cost
• Web hosting and design
• Data and cloud services
• Wages
• Payroll taxes
• Major purchases (do not total these, instead give them to us individually with the date and amount)
• Wages paid to yourself or draws from the businesses

The mileage on all business vehicles is deductible. We will explain the record keeping requirements so you can get the best possible deduction. This is one of the largest deductions for businesses. Feel free to call our office if you have any questions regarding this.

And please don’t forget to bring to bring your books. Whatever system you use we can work with.