Name: TaxAct - Tax Preparation Software
Brand: TaxAct
Rating: 4.5 (24266 reviews)

Completed	Business and Financial Records
	Reports detailing all federal unemployment, Social Security, and Medicare tax paid (Forms 940 & 941)
	Reports of state and local payroll tax paid
	If business was conducted in multiple states, compile a report of sales, payroll, and property values for each state
	Reports for inventory including cost of goods or materials purchased for resale or manufacture and the total value of goods or materials at the end of year

Completed	Asset Records
	Prior year depreciation schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage
	Date of purchase, cost, trade-in allowance, and business use percentage for all assets acquired during the tax year
	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
	Mileage log for each owned or leased vehicle (business use and total use)
	Reports for business use percentage and actual expenses for each owned vehicle (gas and maintenance costs)

Completed	Basic Info
	Determine business return type for filing as registered with the IRS (Form 1065, 1120, or 1120S). If unsure, contact the IRS Business help line at 1-800-829-4933
	Employer Identification Number (EIN) as registered with the IRS. If you don’t have an EIN, apply online at IRS.gov
	List of states and state ID numbers in which your business has nexus or a presence that requires reporting
	Copy of articles of incorporation or bylaws including any amendments
	Copy of IRS acceptance letter of 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

Completed	Shareholders Info
	Name, address, and SSN/EIN of each Shareholder during the tax year
	List of each shareholder’s stock ownership
	Reports for all shareholder’s capital contributions, withdrawals, or loans
	Reports for all shareholder’s compensation and benefits including cost of medical and life insurance
	Reports detailing any change in ownership during the tax year

Completed	Documents Received
	All Forms 1099-B, 1099-DIV, 1099-INT, 1099-K, or 1099-MISC received (or other records for dividends, interest, or business income)
	Schedule K-1 received from entities that your business owns (lower tier entities)
	All granted credit certificates issued by federal or state taxing authorities

Completed	Business and Financial Records
	Trial balance report from company books. TaxAct’s Accounting Records import helps reduce time and errors by automatically transferring accounting records for the tax year via .csv import (compatible with most popular accounting applications)
	Bank and credit card records to support interest and other day-to-day business expenses
	Copy or summary of all Form 1099 and W-2 issued

Tax Year 2024 Checklist • 1120S - S Corporation Return

Tax Preparation Checklist to File Your Taxes