The deadline for filing 2014 tax returns and extended partnership Tuesday, September 15, 2015.
If you took an extension to file your tax returns on income of corporations or partnerships, the deadline is almost here. On Tuesday, you must complete and file your return or face penalties for late filing.
What if you still need that last piece of information?
Do your best to get it, but if this is impossible to do a good estimate and file anyway. You can always change your statement if necessary, which is a better alternative than being hit with a penalty for missing the deadline.
In addition, you must file your business statements to you and other business partners or shareholders may use the information to produce income tax returns
Read these tips to help you complete and file form 10 or 10S 1065 :.
Gather what you need
prepare your return will be easier and more effective if you do not have to stop several times to seek the necessary information.
Make sure you have the following items before starting to prepare your return business (download the 10, 10s or 1065 tax return list):
- the tax returns of the company last year, unless it is a new company
- financial statements: income statement and balance sheet
- Transaction history and summary of accounts shareholder capital
- Information for shareholders, including names, current addresses and social security numbers.
- statements or summaries
- Form W-2 tax returns Payroll
- tax returns sales
- Acts of federal taxes, state and local paid
- preparation software business tax
Being organized
Grouping and put your information to make it much easier to answer questions TaxAct ask you as you move through the program.
TaxAct request the necessary information and helps identify all the tax benefits to which you are entitled.
Keep the back of the business tax your last year at hand for reference. The answers to many questions, such as corporate codes are the same from one year to another.
In addition, it is important that the starting amounts of assets, liabilities and shareholder or partner accounts on your statement match the amounts on Ending the return of last year.
Keep good notes as you prepare your business back
Keep in mind that there may be many occasions when you need to remember how you arrived a specified amount or details about other information on your return.
Keep detailed notes as you prepare your return can save you time later. For example, you may need support information when you prepare the return of the next year or if you sell a business asset.
When preparing your return, take note of things like how you fee split between business and personal use, plus expenses and differences between the financial statements and your tax return.
Print your notes if necessary, and keep them as long as you record the statements of related income.
Read and review your return
When you think you've finished reading all back again. (It may be easier to read if you print your return first.) Do not skip this step -. It is essential to ensure that you file a complete and accurate business tax
It is tempting to file without reading and reviewing your return.
However, reading your return accomplishes two very important things. It helps you understand your tax return of the company, including your overall success of the business and how different elements, such as depreciation, affect your tax bill.
It also allows identification of any information or lack that look quite right.
If you do not trust that you'll all catch by manual review, be sure to enjoy the feature TaxACT Alerts.
alerts can identify missing or incomplete information that can make your return to the attention of the IRS. In addition, you will be alerted to possible opportunities for tax savings you may have missed.
Following these tips to prepare and file your corporate tax return should help you get out the door before the deadline extension. Even better, now that you are organized and keep good grades, taxes next year should be easier
From now on, you may be able to file your business return earlier in year -. Perhaps without the need for an extension at all.
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