ARE YOU CONCERNED ABOUT
TAX RETURN PREPARATION
FOR THIS TAX SEASON?
Tax return preparation and filing can be an
overwhelming process.
The best way to prepare for tax season is by
keeping a thorough record of your expenses.
Reasons
Tax Planning
Accuracy Matters
Avoid tax audits
During random audits, there
will be fewer questions, less red
flags, and a smoother process.
Save your money
You can enjoy all the benefits
under the law by preparing
accurate taxes.
Getting worth for money
A financial consultant will not only be
accurate an professional but also
represent
and
defend
all
the
deductions in case your company is
red-flagged for an unofficial audit.
Tips to Manage the
Next Tax Season
Appropriately
Know about Tax Law
Every business owner should keep themselves
with informed about changes in the tax laws and
be well prepared to file a tax return.
Know your Tax Forms
(Forms by Business Entity)
SOLE PROPRIETOR
Schedule C, which is filed with the personal Income Tax Return
(Form1040).
C CORPORATION
Form 1120, which is not filed with the personal Income Tax Return
Therefore, any dividend or other tax information that applies to you
is filed under Form 1099.
PARTNERSHIP
Form 1065. Each partner receives Schedule K1 that reports their share of
items on their tax return, and you can report partnership tax items
on Schedule E, Part II, of individual Form 1040.
LIMITED LIABILITY COMPANY (LLC)
If you own 100% of the company, you file Schedule C. Depending on how
you want to present yourself, whether as C Corporation or S
Corporation, you can choose Form 1120 or 1120-S respectively.
S CORPORATION
The shareholders' report on their individual tax returns using their
different income tax rates. It can work like a partnership return using
Form 1065.
NONPROFIT ORGANIZATION
The organization files Form
Organization fills Form W-2.
990.
An
employee
of
a
Nonprofit
Know your Timeline & Prepare
in advance
Orga nize relat ed doc u m en t s an d begin t h e proc ess early, so
y ou have ample time t o check and rectify any mistake .
When are the Taxes due
for Business?
JA NUA RY 31,2020
The deadline for sending Form W-2 to
employees and file the documents with IRS.
FEBRUA RY 29 ,2020
The deadline for businesses to report
information return on 1099s with the IRS.
A P RIL 1, 2020
The desdline to electronically file 1099s.
M ARCH 15, 2020
Tax Return
Deadline for
Corporate
For S-Corps (Form 1102-S) and for
partnerships (Form 1065).
A PRIL 15, 20 20
Form 1120 for corporate tax returns.
SE PTE M BER 16, 2019
Due date for estimated tax payment for 3rd
quarter.
JUNE 17, 20 20
Tax Return
Deadline for
Corporate
If you need to make estimated tax payments for
the 2nd quarter of 2019.
OCTOBER 15, 2020
Last date to file a corporate tax return if an
extension was granted.
JANUARY 15, 2020
Last date of paym,ent for 4th quarter of
estimated tax payment 2019.
Look at your
Withholding & Tax Liability
It is worth to review tax withholding of previous year (2018) to make
necessary changes in the current year (2019) for maximum benefit.
You can use the withholding calculator available on the IRS website to
review your withholding.
Know about
Tax Deduction
Taking advantage of deductions can save a lot of your
money. This capital can be used to reinvest for business
growth. Understand the allowed tax deduction will prove to
be beneficial for the business.
Listed below are some of the tax deductions that you can
consider before filing a tax return:
• Healthcare tax credit
• Business use of a personal vehicle
• Business travel and entertainment
expenses
• Home office deduction
• Professional fees and training
costs
• Equipment and software
purchases
• Charitable donations
• Salaries and wages
• Contract labor
• Depreciation
• Utilities
• Repairs
• Commissions & fees
• Advertising & marketing
• Legal & professional fees
• Meals
• Rent on machinery and
equipment
• Real-estate related expenses
• Employee benefit programs
• Payroll taxes for employees
According to QB Payroll, More than
one-third of the small businesses do
not hire an accountant for various
reasons.
Choose a Tax Prepare
•Keeping your business priorities and financial demands in
mind, you should hire the most suitable CPA, Accountant, or
Attorney depending on the following factors:
• Availability
• License (PTIN)
• Cost
• Knowledge
• Recommendation & Reference
Use Tax Software
It is encouraged to use software
like H&R Block, TaxAct, and
TurboTax
for
simple,
fast,
comfortable,
and
personal
process.
Deadline Extension
It is essential to let the IRS know if you
are unable to file a return before the due
date. IRS allows the business to have an
extension which can be used to organize
and file return in due time.
Confused about Preparing
Tax Return?
Leave all your worries with us.
At
Cogneesol,
we provide the best
professional
assistance for
Tax Preparation.
Contact Us
30 Wall Street,8th Floor,
New York,NY 10005-2205
+1-646-688-2821
Info@cogneesol.com
www.cogneesol.com
Thank you!