Business Tax Return Checklist

The Accounting Office of Lauryn Charles, MBA EA

461 E Hillsboro Blvd Ste 200, Deerfield Beach, FL 33441 t: 954-933-1558 f: 888-680-8909
www.AFSGConsulting.com
Business Tax Return Checklist - 2023 Tax Year

Tax Return Checklist for Corporate Tax Returns (ie Form 1120, 1120S, 1065)
FORM INSTRUCTIONS

This checklist adapts to your answers. Please complete the questions in order.

RETURNING CLIENTS - Yes, we want you to fill out this checklist. Don't miss out on important tax deductions, credits, and savings!

UPLOADING DOCUMENTS - This form uses a secure server allowing us to access your uploads by avoiding emailing sensitive tax documents. There are upload buttons throughout this checklist grouped by category and necessity. If you already have all documents scanned into one PDF, use the upload button at the end of the checklist or go to your client portal. If you are missing any documents, make a note at the end of the checklist so we know what documents you/we are waiting on.

TO SAVE OR SUBMIT CHECKLIST- The bottom of this form allows you to save a draft and/or submit when complete.

TO PRINT AND HAND WRITE - You can print all questions using your web browser's print option or the button at the bottom of this form. Please scan and email us the completed copy.

SECTION I: Corporate Information
BUSINESS NAME*
FEIN
Email*
example@example.com
BUSINESS PHYSICAL ADDRESS

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
different mailing address
BUSINESS MAILING ADDRESS

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
REQUIRED FOR NEW CLIENTS - If you have not already, please provide a copy of your 2021 & 2022 Business Tax Returns.

Form 1120, 1120S, or 1065
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Which income tax form does your business file? CHOOSE ONE

Form 1120 (“C” Corporation)Form 1120S (S-Corporation)Form 1065 (Partnership)OTHER - Please Contact our Office for a Different Checklist
Brief Description of Business: Industry, Product or Services?

SECTION II: Corporate Ownership
Owner 1 Legal Name

First NameLast Name
I'm the only ownermore than 1 owner
Owner 1 Title & Last 4 of SSN

TitleSSN% of Ownership
Owner 1 Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Owner 1 Email
example@example.com
Owner 1 Phone
Owner 2 Legal Name

First NameLast Name
Owner 2 Title & Last 4 of SSN

TitleSSN% of Ownership
Owner 2 Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Owner 2 Email
example@example.com
Owner 2 Phone
Owner 3 Name, Contact Info, % of Ownership
Owner 4 Name, Contact Info, % of Ownership

SECTION V: State & Local Tax, Corporate Income Tax
1. STATE INCOME TAX - Which of the following states does your C-Corp operate from, have a physical location in, or a remote employee?

Florida - Taxed on Net Income >$25kSouth Dakota or Wyoming - No C-Corporation TaxNevada, Ohio, Texas, or Washington - Gross Receipts Tax, exemptions applyAll others - Standard tiered Tax Brackets on C-Corp Net Income
1. STATE INCOME TAX - Your S-Corp or Partnership may need to file a state income tax return. Which of the following states does your business operate from, have a physical location in, or a remote employee (check all that apply)?

Alaska, Arizona, Colorado, Florida, Hawaii, Indiana, Iowa, Maine, Maryland, Montana, North Dakota, South Dakota, Utah, Virginia, and Wyoming - No State Filing RequirmentArkansas, Georgia, New Jersey, or New York - State S-Election Required for 1st YearDistrict of Columbia, Louisiana, New Hampshire, Tennessee, New York City, or Texas - Tax Return Filing RequiredAlabama, California, Illinois, New Mexico, Ohio, Pennsylvania, Rhode Island, Tennessee, Washington, & West Virginia - May be subject to Excise, Franchise, Gross Receipts, Tangible Property, or other state business tax or feeAll others
2. TANGIBLE PERSONAL PROPERTY TAX – This is often assessed by the County. You may have received a document by mail or a tax assessor may come to your business asking that you file the form. We can help file this for you, but you must provide the document received with the account number assigned by the County.

Yes, I received the form and filed it myself in 2023.Yes, I received the form and need your help filing this document. I understand AFSG charges $150 for preparation.No, I did not receive the form but I know I need to pay. I understand I need to call the County and request the information.No, I am not familiar with this tax or am not required to pay this (ie.: South Florida businesses with under $25,000 in assets are often exempt).

SECTION VII: Charitable Contributions
Charitable Contributions made from a
“C” Corporation are generally deductible.
S-Corporations and Partnerships that
donate money to charity will pass the tax
deduction through to the owner.
The charitable contribution will be written
off on Schedule A of their personal tax
return. The TCJA requires additional
documentation for charitable contributions.
Please provide all receipts or letters from
the organization.
1. Did you make Charitable Contributions from your business during the year?

YesNo

2. Please describe the donations below. DO NOT duplicate these on your personal tax checklist.

	Name of Charity	Type of Donation	Date	VALUE of Donation	Receipt Received
1
2
3
4
5

Upload Proof of Donation or Payment Receipt Confirmations. Gifts under $250 can be supported by a canceled check, credit card receipt or written communication from the charity. Gifts of $250 or more must be substantiated by the charity.

Donation Receipts
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SECTION VIII: Fixed Assets, Vehicles, & Real Estate
1. IMPORTANT - During 2023, did your business purchase or sell new/used or improve machinery, equipment, computers, furniture, vehicles, vessels, or real estate?

YesNo
1a. REAL ESTATE - Does your business own commercial or residential real estate?

Yes, my commercial property is owner-occupied.Yes, my business owns commercial or residential property rented to others.BothNo
Please use our Rental Property Worksheet to provide the appropriate rental income and expense schedules per property for your tax return preparation. A link to that checklist will be shown after you submit this form.

2. PURCHASES - If you provided us your QuickBooks file or QB Online, this is optional. If not, please list the new business assets below.

	Name of Item	Type of Asset	Date Purchased	Date in Use/Completed	Total Cost
1
2
3
4
5

3. SALES - Please list the business assets you sold or discarded in 2023.

	Name of Item	Type of Asset	Date Sold	Selling Costs	Selling Price
1
2
3
4
5

For vehicles and real estate, upload the bill of sale and closing documents.

Fixed Assets 2023
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SECTION IX: Business Use of Automobile Worksheet
Fill in worksheet and we will
calculate the deduction for you.
This worksheet is for personal
automobiles used in and/or paid
for by your business. For 2023,
the business mileage deduction
was 65.5 cents per mile.

VEHICLE INFORMATION

	Vehicle 1	Vehicle 2
Make & Model
Date placed in service
Type of Vehicle (Sedan, Truck, SUV, Hybrid, or Plug-in)
Total Number of Miles Driven in 2023
Of the total, how many Business Miles Driven
Of the total, how many Commuting Miles Driven
Of the total, how many Other Personal Miles

Personal Use * Answer all 3 questions

	Vehicle 1	Vehicle 2
Is another vehicle available for personal use?
Was the vehicle available for personal use during off-duty hours?
Was the vehicle used primarily by an owner or related person?

Actual Expenses

	Vehicle 1	Vehicle 2
Gasoline, Oil, Repairs, Car Insurance, etc
Vehicle Registration & Licenses, (excluding property taxes)
Vehicle Lease Payments (total paid in the tax year)
Parking Fees & Tolls

Vehicle Purchase Info - for owners not lessees.

	Vehicle 1	Vehicle 2
Date of Original Purchase
Original Purchase Price
Previously Depreciated Vehicle? Type Yes or No
Previously used mileage deduction? Type Yes or No

SECTION X: Financial Statement Worksheets
This Section is only for businesses who do not have
QuickBooks or separate bookkeeping records
for the tax year.

REVENUE - Total income received in the tax year.
This is your business's Gross Revenue

	As of December 31, 2023
REQUIRED - Ending Balance in all Business Bank Accounts
Cost of Inventory on Hand on December 31st
Fixed Assets (Enter total amount of new assets purchased)
Credit Card Balances owed in total on December 31st
Lines and Loan Balances owed on December 31st
Balance owed to the Business Owner on December 31st
Amount of funds withdrawn for personal use during the tax year (distributions)

EXPENSES - Use these Categories as a Guide. In the table below, provide the total spent per category for the tax year if applicable. Do not use “Misc”. Add additional lines if needed. Do not list any personal expenses. Any major purchases of capital assets (computers, office furniture, etc.) or leasehold improvements (office painting, flooring, electrical work, etc.) over $500.00 must be listed separately with a description and date of purchase. Go back to SECTION VIII Question 2 to list Fixed Asset Detail.

	Jan - Dec 2023
Direct Materials (COGS)
Direct Labor (COGS)
Inventory Purchased (COGS)
Advertising and Promotion
Automobile Expenses: See SECTION IX
Bank Service Charges
Business Licenses and Permits
Charitable Contributions
Client Gifts ($25/gift)
Computer & Internet Expenses
Continuing Education
Dues and Subscriptions
Equipment Rented
Insurance - Liability
Insurance - Health for Employee
Janitorial
Meals - Businses Meals Only
Office Expenses/Office Supplies
Payroll Wages
Payroll Taxes
Payroll - Employee Benefits
Postage and Delivery
Printing and Reproduction
Professional Fees
Rent- Office
Samples (Product)
Small Tools & Equipment
Subcontractor Expense
Supplies
Telecommunications
Telephone Expense
Travel
Uniforms
Utilities
Website
Other
Other

Total Expenses (may change based on tax law limitations)

Coronavirus Related Loans & Tax Credits
Has your business received EIDL, Payroll Credits, or other government assistance due to COVID 19? Check all that apply.

EIDLERCOther
2 a. What was the amount and date(s) you received the EIDL SBA Loan?

1ST AMOUNT2ND AMOUNT
2 b. Please describe how you used the funds and how much of the loan you have not used.
3. Did you begin paying the EIDL to the SBA in 2022?

YesNoNot Sure - visit pay.gov or sba.gov for more info
4. If you had employees, did you receive the Employee Retention Tax Credit?

Yes, I understand this is taxable and my prior year tax return must be amendedNoNot Sure
5. Did you receive additional government assistance, for example, from a municipality or HHS Grants?
Describe the program, amount, and dates.

Tax Code Sect. 199A Qualified Business Income Deduction
AS AN S-CORPORATION OR PARTNERSHIP. YOU MAY BE ELIGIBLE FOR THE QBI DEDUCTION. THIS CHART IS FOR EDUCATIONAL PURPOSES ONLY. WE WILL CALCULATE THIS DEDUCTION FOR YOU.

Eligible taxpayers may be entitled to up to a 20 percent deduction from Qualified Business Income, thus lowering their taxable income and federal tax due. This law was passed to help some small business entities receive a similar tax break as the “C” Corporations are receiving. Below is a general guide to your eligibility for the deduction and for informational purposes only.
DEFINITIONS RELATING TO SECTION 199A:
- Specified Service Business
  - Specified service trade or business (SSTB), includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees.
- Qualified Business Income (QBI)
  - The pass-through net income of the business that may be subject to the 20% deduction.
- Partial Deduction
  - The deduction will decrease as the income increases to the phase-in limit. When the income hits the limit then the deduction is zero.
- Not Eligible / No Deduction
  - You will pay ordinary tax rates with no Section 199A deduction.
- Wages Paid
  - Total W-2 wages paid by the business.
- Unadjusted Basis Immediately after Acquisition (UBIA)
  - UBIA is the Unadjusted basis immediately after acquisition of qualified business property (prior to depreciation)

NOTES & UPLOADER
Please update us with any changes!
- New Address, New Phone Number, New E-mail Address.
- Bank Account Routing & Account Number or voided check (if needed)
- Events: Moving office, buying/selling assets, change in employees, increase in business, decrease in business, etc.
- Remember that the tax preparer is responsible for the forms & calculations listed on the tax return, but it is the taxpayer’s responsibility to provide back-up documentation to the IRS for all income, expenses, credits, and other items claimed on an income tax return. Timely & accurate filing is ultimately up to you.
- Record Keeping: Keep all tax records and backup documentation for at least 7 years. For major purchases (such as real estate or vehicle), keep paperwork with proof of purchase date and price for the life of the asset or for up to 3 years after date of sale or disposition.
NOTES TO YOUR ACCOUNTANT:
Additional Files, or Single PDF for all Documents

Misc. Tax Records
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AFSG Tax Preparation Rates and Terms for Tax Year 2023
You will only be charged for forms necessary to complete your tax return or within the terms listed here. If additional time is required to prepare your return, you will be notified. By properly completing this checklist and providing all necessary paperwork in a timely manner, additional time should not be needed.

We now use an Automated Tax Preparation Fee Calculator to give you an estimate of your tax preparation fee for the 2023 tax year. It will pop-up upon submission of this form.
Thank you for your business!

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	FEDERAL AMOUNT	FEDERAL DATE	STATE AMOUNT	STATE DATE	STATE NAME
April 15th, 2023
June 15th, 2023
Sept 15th, 2023
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The Accounting Office of Lauryn Charles, MBA EA

Business Tax Return Checklist - 2023 Tax Year