Business Tax Returns

Business Tax ReturnsBusiness 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