1970 Montauk Hwy Bridgehampton NY

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Business Tax Preparation At Tax Service Plus we handle the taxes and prepare K1s for all forms of small business whether it be sole proprietor, partnership, corporation or LLC. We strive to improve your profitability by minimizing your tax liability within the limits of the law, while avoiding IRS red flags, lowering your chances of an audit.   

1065 (LLCs and Partnerships)
1120 (C Corporations)
1120S (S corporations)
1040 (Self employed)
Sales Tax

Costs Depending on your internal accounting system and the quality of your books, the cost should range from $400 to $750.

Business Tax Checklist Below is our checklist of the things you should have when we prepare to do your taxes. Use this checklist as your personal guide to compiling your tax documents. It will make our job much easier and save you time and money, while reminding you which tax documents you've acquired throughout the year.

Copy of your 2011 tax return
Copies of year-end bank reconciliations and bank statements
Year-end balance sheet & income statement
General ledger activity report by category
Copies of any correspondence from tax authorities during the year
Bank Statements
Year-end summary of accounts receivable and accounts payable

Gross receipts from sales or services
Other income (royalties, rent, interest)
Capital gains from assets sold
Sales records (for accrual based taxpayers)
Beginning inventory (if applicable)
Ending inventory (if applicable)
Items removed for personal purposes (if applicable)
Returns and allowances
Business checking and savings account interest (1099-INT or statement)

Insurance Expense

Cost and acquisition date of assets
Sales price and disposition date of any assets sold

Fringe benefits
Employer-paid pension/profit sharing contributions
Employer-paid HSA contributions
Employer-paid health insurance premiums
Cost of other fringe benefits

Office Expenses
Pens, paper, staples, etc
Furniture, computers, equipment

Rent/Lease Expense
Office space rent
Vehicle and equipment lease expense
Land Taxes

Home Office
Square footage of office space (hours of use for day care business)
Total square footage of home (not applicable for day care business)
Mortgage interest or rent paid
Utilities, cable phone, etc

Payroll Expenses
Form W-2 and W-3 Federal and state payroll returns (Form 940, etc.)
Year-end unpaid payroll taxes (federal and state withholdings and federal and state unemployment)
Commissions paid to subcontractors
File Form 1099-MISC and 1096 as necessary

Transportation and Travel Expense -Local
Business trip (mileage) log
Contemporaneous log or receipts for public transportation, parking and tolls.

Transportation and Travel Expense - Away From Home
Airfare or mileage (actual expense if drove)
Meals and tips
Taxes and tips
Internet connection, etc

Other Expenses
Vehicle expenses
Accounting and legal fees
Loan interest
Prior year losses
Bad debt written off
Charitable contributions and donations
Bank Fees
Borrowing Costs

New loans during the year
Existing loans closing and opening statements for the financial year
Balances of credit card accounts or last credit card statement for the year
Creditors on hand
Accrued expenses

Depreciable assets acquired or disposed (type, date, consideration)
Capital Gains Tax assets acquired
Lease commitments
Accounting fees and legal fees
Bank Fees