2021 Business Tax Planning
Things I learned from my CPA...
Things I learned from my CPA...
Below please find a list of items to assist you with gathering your 2020 tax return information:
Bank statements for the year or a summary of expenses for the year.
Business loan information (cars, trucks, or investment into business) -- statement(s_ showing interest paid by month and loan balance at the end of each month.
Bill of sale for new or used vehicles purchased along with loan documents
Credit card statement -- for the year or a summary of charges, interest paid, and expenses
1099 MISC issued for contract labor (attached 1096 transmittal form)
Vehicles - list business vehicles with make, odel, and year to be included on return
Rental property -- list all rental property with address to be included on return
Provide receipts or printouts for the following items if you paid bills by cash, money order, or certified funds:
Bank statements for the year or a summary of expenses for the year.
Business loan information (cars, trucks, or investment into business) -- statement(s_ showing interest paid by month and loan balance at the end of each month.
Bill of sale for new or used vehicles purchased along with loan documents
Credit card statement -- for the year or a summary of charges, interest paid, and expenses
1099 MISC issued for contract labor (attached 1096 transmittal form)
Vehicles - list business vehicles with make, odel, and year to be included on return
Rental property -- list all rental property with address to be included on return
Provide receipts or printouts for the following items if you paid bills by cash, money order, or certified funds:
Advertising expense - business cards, radio, television, flyers, etc.
Automobile expense - highway vehicles cost of gas, repairs, maintenance, etc.
Bank service charges - monthly bank, credit card, loan, etc. fees
Business mileage (use mileage log) _______ (miles driven to conduct business, pick up parts, oil, etc.)
Business use of home - provide square footage of your home and the amount of space that you use for business. If you have a home daycare, provide your hours of operation.
Charitable contributions - payments to nonprofit organizations, churches, etc.
Computer equipment (include printers, scanners, etc. Please list the date of purchase, model, and description
Cost of physical - must be required for employment
Education expenses -- training employees, first aid and CPR classes, seminars, etc.
Equipment rental (cost of renting or leasing equipment) - receipts or printouts
Fuel - cost of gas, diesel, etc. for a heavy truck or off-road equipment
Gift - business gifts to clients not to exceed $25.00 per year ( per person)
Insurance (workers compensation, general liability, auto, etc.) - receipts or printouts
Internet services -
Licenses and permits - business licenses or permits to engage in your business or trade
Meal & entertainment - business, lunches, dinners, etc.
Office equipment or furniture - tables, chairs desk, calculators, etc
Office supplies - pens, paper, sticky otes, etc.
Payroll expenses - provide Form W-2 (s) and W-3
Postage - stamps, UPS, FedEx, mailbox fees, etc
Professional fees - legal accounting, etc. fees
Professional organization fees and memberships
Rent expense - office space, land, etc.
Repairs & Maintenance -- repairs to equipment, building computers, etc.
Retirement expense - contributions to IRA’s 401-kS, sep,simple, ETC. plans
Software - Microsoft Office, Quick Books, etc.
Subscriptions - professional journals, magazines, etc
Taxes - employee taxes - provide annual and quarterly tax reports/forms 940, 941, and ESC
Taxes - real estate and property taxes
Telephone expense - office or fax lines, cellular phones, pagers, etc.
Travel expense - airfare, taxi, hotels, etc.
Tools/equipment - small tools used in your trade or business
Utilities - provide copies of bills or a printout from the utility company
Wages paid to child --child must be under age 18; business must be a sole proprietorship or partnership owned by two parents.
First Year Business
Date your business started
Copy of Articles of Incorporation or Organization
Separate expenses paid before your business actually started