Basic Tax Preparation Steps for Entrepreneurs

1
Basic Tax Preparation Steps for Entrepreneurs
2
INTRODUCTION
3
Collect Accurate Records

• Collect accurate records of the business
  expenses that you plan to deduct. Any business
  expense

should be proof of
that is deducted
backed purchase.
by valid Find all the receipts
and records of the transactions you are planning
to deduct.
4
Calculate Deductions
Calculate your business deductions. This will
require advanced skills and concrete knowledge
of tax laws. You have to follow the guidelines
issued by the IRS to be able to accurately
calculate your business deductions. Otherwise,
leave it to a professional!
5
Know the Tax Forms
Know the tax forms applicable to your business
type. General business expenses are reported on
Form 1040 Schedule C, for a Sole Proprietorship.
Sole Proprietorships that are farms need to
report expenses on Form 1040 Schedule F. Form
1120 is the U.S. Corporation Income Tax Return.
6
File Your Taxes
Report all your business expenses carefully, fill
in all the details accurately, attach the
required documents, and submit your tax forms.
You will receive a confirmation email, when done
digitally, informing you that your taxes have
been accepted for processing.
7
Summary
The process of tax preparation and reporting
for entrepreneurs is a lengthy process. Follow
the guidelines set by the IRS step-by-step to
file your taxes accurately.
8
Get in Touch with US
_at_art_accounting
_at_AgroAccountingforartists
1019 East 4th Place Los Angeles, CA 90013
_at_agroartaccounting
_at_BasilAgrocosta
www.agroaccounting.com
basil_at_agroaccounting.com
9
Thank you
we look forward to working with you