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A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.

Filing of return mainly depends on the type of business structure. For example:

Take control of your small business taxes by gathering these documents and information in advance. With just a little bit of preparation, you can help your tax professional save you time and money when you file this tax season. Ready to get started? Start by gathering these 12 documents needed to file:
  1. Personal Information
  2. Previous Year’s Tax Return
  3. Financial Business Reports
  4. Tax Forms
  5. Asset Information
  6. Loan Information
  7. Income Records
  8. Expense Records
  9. Deductible Expense Information
  10. Payroll Data
  11. Inventory Total
  12. Stocks & Bonds Information

First things first: You will need to furnish your tax accountant with basic personal information including your legal name, current address, and social security number. The easiest way to provide this information is to bring your social security card to your tax appointment.

Make sure to come with your previous year’s tax return. This
  1. helps the tax accountant get a better understanding of your business, and
  2. gives quick information about the deductions your company has (or hasn’t) been taking.

Your accountant will need copies of your basic financial reports for the year. These generally include:
  1. Profit and Loss Report (or the Income Statement)
  2. Balance Sheet
  3. Statement of Cash Flows
The profit and loss report shows your business’s overall profit (or loss) for the year, while the balance sheet displays your company’s assets and liabilities. The statement of cash flows shows all transactions affecting your business’s cash account.

The tax forms your business is required to fill out depends entirely on your business type.

Your accountant will need to know about any assets you’ve bought, sold, or depreciated during the last year. Bring any receipts, documents, or reports related to your assets and fixed assets.

You’ll also need information on business loans. If you’ve acquired a new loan in the last year, bring the loan agreement with you. Also, bring records of any loan payments and/or accrued interest. This will ensure that your accountant is up to date on your company’s total assets and liabilities.

Many small business owners took advantage of loan and grant programs including the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL), and the EIDL Advance.

Through the PPP program, eligible businesses received loans that could be forgiven if used for qualifying expenses, including payroll expenses, utilities, and rent payments. Whether your loan was forgiven or not, these funds are not counted toward the taxable income of your business.

The good news is that you can claim deductions for any eligible business expenses paid for using your PPP funds. It doesn’t matter if your loan was forgiven or not — all qualifying small business expenses paid for with these funds can be written off, so make sure to bring receipts, invoices, and other documentation to your accountant to claim these deductions and lower your tax liability.

If you received an EIDL or EIDL Grant, these funds will not be added to your taxable income. Qualifying business expenses paid using your EIDL or EIDL Grant can be written off on your tax return to lower your tax liability. So, again, make sure that you gather all applicable documentation — receipts, paid invoices, accounting records — so your accountant can enter these deductions.

To verify the income amount on your profit and loss statement, you will need to provide your accountant with income records.

In order for your tax accountant to verify your company’s expenses and find you the correct deductions, you’ll need to bring several types of expense records as well, including:
  1. Receipts
  2. Bills
  3. Bank statements
  4. Credit card statements
  5. 1098 Mortgage Interest & Property Taxes form
Be sure to keep these expense records, especially your companies business receipts, well-organized. Not only will your accountant thank you for not handing them a shoebox of receipts, but your wallet will also thank you, too.

The more time your accountant has to spend on your tax return, the more money you pay, so make everything as seamless and easy for them as possible.

Some business expenses require more than just receipts. So if you’re planning on claiming any of the following deductions, make sure you bring the proper information to your accountant:
  1. Home Office Deduction: If you have a separate home office that is used exclusively for business, you may be eligible for the home office deduction. The home office deduction is heavily scrutinized by the IRS. For this reason, make sure you have the proper documentation. The popular credit card processing company Square suggests:
  2. Mileage Log: If you use your vehicle for business purchases, you also may be eligible for a vehicle deduction. Be sure to track all of your mileage throughout the year and bring this log to your accountant or tax professional, along with any receipts related to car expenses.
  3. Business Travel: Businesses can write off meals and travel expenses. This deduction also can be a red flag for an IRS audit depending on whether expenses appear “lavish or extravagant.” For this reason, be sure to bring all receipts and any travel tickets or itineraries to your tax appointment.
  4. Charitable Donations: If your company makes charitable donations, be sure to bring all documents related to your donations, including receipts and any statements you may receive.
Make sure you are taking all of the small business tax deductions your business qualifies for by checking our complete business expenses deduction list. If you are worried that taking a deduction may result in an audit, rest assured, taking the tax deductions you qualify for is a great way to save on your tax return, but read our top tips on preventing a tax audit to be safe.

Your accountant or tax professional will also need your payroll data from the year. Bring copies of your employee’s payroll details. Also, gather health insurance records (as these can count as a business deduction) and any information regarding bonuses.

Several tax forms require a COGS (Cost of Goods Sold) closing balance for the year. You should already have taken an opening balance of your inventory at the beginning of the year. Now do another inventory count and bring the results to your accountant so they can properly fill out your tax return.

Bring information related to all stocks and bonds your business has attained or sold during the year. You’ll also need a record of any owner’s investments made into or withdrawn from the company during the year.

One of the biggest ways you can save your business money is by being organized. Having all of your tax information together only goes so far. Your accountant or tax preparer needs to be able to find and understand your records with ease. Organizing your business information can make or break a tax appointment.

All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act. CVBAY Account Services is India’s tax services platform offering a range of services like incorporation, GST return filing, income tax filing and more. CVBAY Account Services can help file income tax return for your business and ensure it remains compliant under the Income Tax Act and Rules. The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with an CVBAY Account Services Professionals.

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