Business Tax Returns
Business Tax Returns
Let Ludwig & Associates, Ltd. help you navigate the complexities of the tax code, whether you are a sole proprietor, partnership, LLC, S-Corporation or a C-Corporation. In addition to business income tax returns, we also prepare sales tax returns and payroll tax returns.
Information to bring to your tax preparer:
- Prior two year’s tax returns
- Payroll tax returns (if applicable)
- Incorporation papers (if applicable)
- Small business election (if applicable)
- Estimated tax payments and canceled checks
- New car trade in and purchase
- All 1099 MISC (if applicable)
- 1099K (if applicable)
- Legal name of business
- Legal address of business
- Names, addresses, and social security numbers of all officers and/or shareholders
Small Business Check-List
Income
- Gross receipts or sales (1099K if received)
- Returns and allowances
- Inventory at beginning of year
- Cost of merchandise purchased for resale
- Cost of labor directly related to product or service
- Material and supplies directly related to product or service
- Other direct costs
- Inventory at end of year
Capital Equipment
- New equipment purchased in 2015
- Description
- Date of purchase
- Cost
- Percentage of business use
- Prior equipment
Home Office
- Square footage of office
- Square footage of home
- Indirect expenses
- Real estate tax
- Mortgage interest
- Home Insurance
- Utilities-itemized
- Direct expenses of business portion of home
- Date placed in service
- Cost plus capital improvements
Expenses
- Advertising
- Bank charges
- Commissions & fees
- Business insurance
- Business interest
- Legal & professional fees
- Office expenses
- Rent/lease: machinery or equipment
- Rent/lease: other business property
- Repairs & maintenance
- Supplies
- Taxes paid:
- Business income tax (IRS and IL)
- Sales tax
- Unemployment tax paid (IRS and IL)
- Other taxes
- Licenses
- Out of town travel
- Hotel
- Plane
- Car/cab/limo
- Other
- Meals and entertainment
- Utilities
- Wages
- Subcontractors: (Name, address and social security number of all contractors paid $600 or more)
- Health Insurance
Auto Expenses
- Description of vehicle
- Vehicle used by employee/owner
- Cost (include sales tax)
- Date placed in service
- Total mileage (January 1-December 31)
- Business miles
- Commuting miles
- Personal miles
- Other expenses:
- Gas
- Oil change
- Repairs
- Car wash
- License plates
- Vehicle sticker
- Insurance
- Interest on auto loan
- Lease payments
- Auto rentals
- Tolls
- Parking
- Other
- Written record of auto mileage