The Importance of Being Prepared for the 2024 Tax Season
The Corporate Deadline is March 15, 2024
Although the federal income tax filing deadline for Partnerships and S Corps isn’t until March 15, you don’t need to wait to start getting ready. Tax season can be a daunting time for many businesses, especially for those structured as Partnerships or S Corporations. As the 2024 tax deadline approaches the importance of being well-prepared for tax season cannot be overstated. Clients can be proactive by gathering the necessary documents for the preparation of their tax return. Below are some of the key statements and documents that businesses can begin preparing to ensure the timely preparation of your business’ tax return.
- Have cash and credit card statements ready and reconciled
- Year-end bank statements, Loan, line of credit, mortgage and other debt statements
- Year-end payroll reports
- If you use QuickBooks, provide us with the working file (.qbw) or backup file (.qbb) (please upload to the THG SafeSend Exchange)
- Detail of property and equipment additions and disposals for the year
- Schedule of any business expenses paid personally by owner
- Business/total mileage for any vehicles used by more than 5% shareholder/partner
- Make/model, FMV and lease terms for any leased vehicles
- All 1099 forms received
- All Schedules K-1 received
- If you are a new client, please provide a copy of the previous year’s return.
For a the comprehensive list, please visit view the document on our website.
As the 2024 tax deadline for Partnerships and S Corporations approaches, it is important to emphasize that businesses don’t need to wait until the last minute to start preparing for tax season. We encourage businesses to visit The Hechtman Group website for a comprehensive list of documents to ensure the timely and efficient preparation of their tax returns.
Please contact us today if you have any questions.