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2024 Small Business Tax Day Preparation Checklist

Updated: Apr 14

Tax season has begun! Is your business ready to prepare and file taxes? Not sure? We’ll help you with a checklist to make things easier.

1. Know your Deadline

All businesses are required to pay certain taxes to the IRS and state tax authorities. As a small business owner, it’s your responsibility to ensure that you meet your federal and state tax obligations. The official deadlines to file your business tax returns are March 15, 2024 for S corporations and Partnerships, and April 15, 2024 for sole proprietors and calendar year C corporations.

2. Know what Business Tax Forms to File

The specific tax forms you'll need depend on the particular business entity you've chosen to use for your small business. Here are the most common tax forms you’ll need to finalize your year-end tax returns based on your business entity type. If you elected for your LLC to file as a partnership or corporation, you’ll use the forms for those entities when filing:

3. Gather your Financial Records

The complete list of documents will vary based on your business’s structure, below is a basic checklist of the documents, files, and information you need to properly file your taxes:

  • Income statement

  • Balance sheet

  • Bank and credit card statements

  • Payroll documents

  • Last year’s business tax return

  • Partnership agreements

  • Accounting documents

  • Asset purchase details

  • Depreciation schedules

Ideally, you should be using business accounting software to generate most of these financial records. Sage Intacct delivers world-class security backups, and disaster recovery, protecting your financial data at a much higher level and at a lower cost than if you did it yourself.

4. Gather Documentation for Business Expenses and/or Tax Deductions

Tax breaks are available to small businesses, but you must be able to prove that you qualify for them. Often, receipts are sufficient to document expenses. But with some deductions, more extensive proof is required. Business expenses and/or deductions may include:

  • Inventory

  • Marketing

  • Computer/Internet

  • Commercial property rent

  • Utilities

  • Insurance

  • Vehicle

  • Travel

  • Meals / Entertainment

  • Office supplies / Office furniture

  • Employee salaries and benefits

  • Professional fees / Freelancers / Contractors

  • Bad debt

  • Charitable donations

  • Home office

  • Education

It helps to keep proper records of your expenses, if you’re not sure what qualifies as an expense and/or business tax deduction call us and we will gladly assist you.

5. Get an Extension, if Needed

If you are unable to gather all of the needed documents by the normal tax deadline, you may want to consider requesting an extension. You need to file for an extension before the original due date of your tax return, and you also have to make sure to pay your taxes on time, even if you've received an extension. Otherwise, you could face a penalty resulting in a fine.

Tax season can feel overwhelming for a lot of small business owners, allow us to take this task off your busy business owner schedule. This small business tax preparation checklist can help save precious time, and we are also here to assist you. We are here to prepare business taxes, understand which tax forms are required for your business, and to apply all guidelines set by the IRS so your business is compliant. Allow us to take on the accounting responsibilities of your business. We are available to answer your questions, feel free to call us or send us a message.


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