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