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4 Tips to Prepare for Small Business Tax Returns

If you are filing income tax return for your small business for the first time you would like to explore the options available to you. You may either handover the entire process to a professional or file the tax return on your own. Actually, the process is so simple that you do not need the help of an expert provided you were methodical from the very beginning and have all the information with you. The following suggestions will help you file the returns accurately. Choose the Right Form and Inspect It Thoroughly Go to the IRS website to determine the form that applies to your business. Go t...


3 Tips to Prepare for Personal Tax Returns

There was time that if you had to file personal tax returns on your own, you could either consult a tax preparer or gather a whole bunch of receipts and wrack your brains. The Internet has changed all that and now you have a variety of options for preparing personal tax returns. While the traditional option of filing hard copies is still open for taxpayers, considering the convenience of newer options you would not want to. Moreover, it is in your own interest to file tax returns electronically. However, regardless of how you file returns, you still have to prepare for personal tax returns....


4 Tips to Prepare for Corporate Tax Returns

An incorporated business is a separate entity, an artificial person of sorts. That means that if your business is a corporation, you need to file your personal and corporate tax returns separately. Both returns are filed in different IRS Forms. The one that applies to C corporations is Form 1120. Most of the information would be available in the financial accounts and reports while the rest is general information about the corporation. Company Information The form as well as the 1120 instructions can be procured from the IRS website. You will have to familiarize yourself about the different...


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