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!