Business Partnership Tax Preparation
Business Partnership Tax Preparation
The process of filing your business taxes varies depending on what kind of business you own. If you are a self-employed person, or the small business you own has no employees, then it’s possible to file taxes along with your personal income taxes. Fidelity Incometax & Multi Service Inc offers personal income tax services, as well as services for businesses and corporations. The tax process for a larger business is more complex, especially if the business has multiple partners or shareholders.
For more information on partnership tax preparation, or to set up an appointment with one of our specialists, call us now at (954) 903-0545.
Let Fidelity Incometax & Multi Service Inc Take Care of Your Business Partnership Tax Return
If you’re a shareholder in a corporation, you’ll be taxed on dividends. To find out what this means, contact a corporate tax accountant or your state representative. If you are specifically a shareholder of an S-corporation or a mutual fund, you will be taxed on your corporate income. Foreign income tax law may apply to business matters conducted outside of the United States. Luckily, there are also tax credits for foreign affairs.
The Most Important Step of Any Partnership Income Tax Return
The most important step for easily filing an accurate business tax return is to keep diligent records. This process should begin at incorporation, and much of the information that you will need for your partnership income tax return will be on your articles of incorporation. The articles of incorporation are the legal documents that were filed when the business began. Included in these articles of incorporation should be a partnership agreement, with necessary details like how much money each parter initially put into the company.
From the very beginning of every business, through incorporation, and all the way to selling your business, it is vital to keep accurate balance sheets about income and expenses and how they affect each partner.
Prepare for Your Partnership Tax Return With the Professionals
In addition to your articles of incorporation and balance sheet, make sure you also have the following information:
- The company’s Federal Tax ID number
- Date of incorporation
- Business income (if any)
- Business losses (if any)
- The number of shareholders
- The size of each shareholder’s ownership stake
Most of this information should be in the articles of incorporation and your balance sheet. If you have not kept records to the full extent of your ability for whatever reason, it’s possible that most of this information can be collected from your electronic bank statements and credit card statements. If you know this is the case for your business, contact your bank and ask if they can provide you with these kinds of statement. The more detailed your statement is, the better.
If you have all of this information ready, our tax specialists can ensure that your partnership tax return can be filed quickly and accurately.
