Schedule C : Profit or Loss From Business | Self-Employed

SCHEDULE E : Rental Real Estate | Document Each Property Individually

1. Copy of partnership agreement or bylaws including any amendments

2. Books and Records: The partnership's books and records, including bank statements, check registers, invoices, and receipts.

3. Schedule K-1s: Schedule K-1 forms for each partner, indicating their share of the partnership's income, deductions, credits, and other items.

4. Forms 1099: Forms 1099 received by the partnership, including Forms 1099-MISC, 1099-INT, and 1099-DIV.

5. Depreciation Schedules: Depreciation schedules for all partnership assets, including vehicles, equipment, and real property.

6. Date of purchase, cost, sales proceeds, trade-in allowance, expenses of the sale, and accumulated depreciation for all assets disposed of during the tax year

7. Loan Documentation: Documentation for any loans made to or by the partnership, including promissory notes, loan agreements, and mortgage documents.

8. Partnership Interest Transfers: Documentation for any transfers of partnership interests, including buy-sell agreements and transfer agreements.

9. Previous Tax Returns: Copies of the partnership's previous tax returns, including Forms 1065 and Schedules K-1.

10. Payroll Records: Records of all payroll expenses, including W-2 forms and Forms 941.

11. Reports of state and local payroll tax paid

• Basic Information

  • Business Details: Name, address, EIN, date of incorporation, and S-corp election date.
  • Articles of Incorporation: Including any amendments.
  • IRS Acceptance Letter: For S election or previously filed Form 2553.
  • Last year’s federal, state, and local tax returns
  • All amounts and dates for state and local estimated tax payments made

• Shareholder Information

  • Shareholder Details: Names, addresses, SSN/EIN, and percentage of ownership.
  • Capital Contributions and Withdrawals: Reports for all shareholder contributions, withdrawals, or loans.
  • Compensation and Benefits: Reports detailing shareholder compensation and benefits, including medical and life insurance costs.
  • Ownership Changes: Any changes in ownership during the tax year.

• Financial Records

  • Trial Balance Report: From company books.
  • Bank and Credit Card Statements: To support interest and other business expenses.
  • Forms 1099 and W-2: Copies or summaries of all issued forms.
  • Payroll Tax Reports: Reports detailing federal unemployment, Social Security, Medicare, and state/local payroll taxes paid.
  • Inventory Reports: Including cost of goods or materials purchased for resale or manufacture and the total value at year-end.
  • Income and Expense Records
  • Profit and Loss Statement: Summarizing income and expenses for the year.
  • Balance Sheet: Summarizing assets, liabilities, and owner’s equity at year-end.
  • Fixed Asset Purchases: Details of all equipment, machinery, buildings, vehicles, and other fixed assets purchased.
  • Depreciation Schedules: Prior year schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage.
  • Mileage Logs: For each owned or leased vehicle, including business use and total use.

• Other Documents

  • Forms 1099 Received: All Forms 1099-B, 1099-DIV, 1099-INT, 1099-K, or 1099-MISC received.
  • Schedule K-1: Received from entities that your business owns.
  • Credit Certificates: Issued by federal or state taxing authorities.

1. Financial Statements: The corporation's balance sheet, income statement, and cash flow statement.

2. Forms W-2: Forms W-2 for all employees of the corporation, indicating their taxable wages and compensation.

3. Forms 1099: Forms 1099 received by the corporation, including Forms 1099-MISC, 1099-INT, and 1099-DIV.

4. Depreciation Schedules: Depreciation schedules for all corporate assets, including vehicles, equipment, and real property.

5. Receipts and Invoices: Receipts and invoices for all deductible expenses, including advertising, rent, utilities, and travel.

6. Loan Documentation: Documentation for any loans made to or by the corporation, including promissory notes, loan agreements, and mortgage documents.

7. Stock Transfer Records: Documentation for any transfers of corporate stock, including stock certificates and transfer agreements.

8. Previous Tax Returns: Copies of the corporation's previous tax returns, including Forms 1120 and Forms W-2.

9. Payroll Records: Records of all payroll expenses, including Forms 941 and any other payroll-related tax forms.

10. State Tax Returns: Copies of state tax returns filed by the corporation, including state-level forms and schedules.