Business Activities including business expenses and revenues to track throughout the year to File IRS Form 1120S Accurately.

Form 1120S Checklist-LD2161:

https://liberdownload.com/downloads/form-1120s-checklist-ld2161/

It is a recommended to regularly record and track your business activities and transactions to gather the necessary information needed to file Form 1120 S for your S Corporation or LLC treated as an S Corporation.

Below is the basic checklist to get your business financial documents ready to file Form 1120S.

 

  1. Reconcile your bank account with your journal entry.
  2. Check all your sales have been recorded.

 

Total Asset

 

2020 Form 1120 S

It is needed to complete Item F on Form 1120S page 1.

 

  • Cash in the business account
  • Capital contribution by shareholders.
  • Profit or loss generated.
  • Track distribution to shareholders other than compensations to officers.

 

Form 1125-A- Cost of Goods Sold

 

Form 1125-A Cost of good Sold

Have the necessary data to complete form 1125-A cost of goods sold and line 2 page 1 of Form 1120S.

 

  • Check if your products in inventory have been counted and the record is up to date.
  • All products purchased for resale should be entered in inventory.
  • Product sold should be removed out of inventory.
  • Raw materials used to produce finished goods should be out of inventory.
  • Finished goods should be added to inventory.
  • Know the cost of your inventory at the beginning of the year, the cost of inventory at the end of the year, and the cost of inventory sold.

 

Revenues

 

  1. Record your revenues by activities performed in your business.
  2. Interest earned.
  3. Royalties’ income

 

Expense Summary

 

2020 Form 1120 S Schedule K

To complete Form 1120S page 1 Deductions sections and Schedule K Deductions sections.

 

  1. Record expenses by activities
  2. Track officers’ compensations
  3. Track employees’ salaries
  4. Record expenses by sources of revenue (interest expenses, expenses related to royalties)

 

Depreciation Spreadsheet

 

Part 1 Section 179-2020 Form 4562

To claim depreciation deduction for assets in service and assets placed in service during the tax year.

The Depreciation record is helpful to complete Form 4562 Depreciation and Amortization when required, to complete line 14, page 1 Form 1120S, and to report Section 179 on Schedule K and K-1 when applied.

For new assets placed in service during the tax year:

 

  • Record them to be able to complete Form 4562.
  • The date of purchase, the date placed in service, and the purchase cost should be recorded.
  • Find the depreciation rate to use based on the recovery period, the depreciation method, and the convention chosen.
  • Calculate the depreciation deduction for each year of the recovery years and file it for future tax seasons.

For old assets:

 

  • Have in your record depreciation deduction for assets placed in service in prior years.

Depreciation Spreadsheet-DS22821

 

Officers Compensations

 

  • Record of salary paid to shareholders working in the business to claim on Line 7 page 1 of Form 1120S.

 

Forms 940, 941, 944

Track your business share of employment taxes paid to be able to deduct them.

 

  • Record of Unemployment Tax paid
  • Employer share of social Security paid.
  • Employer share of Medicaid Paid.
  •  

Form 940 Business Tax Checklist – F94011821

 

Revenues and Expenses to Track to File IRS Form 1120S: Form 1120S Checklist-LD2161

 

Form 940 Business Tax Checklist

List of data to gather before you complete form 940

Form 944 Business Tax Checklist

Checklist you need to record and gather necessary information to file your business taxes on time and accurately.

Depreciation Summary Spreadsheet-DSS22821

Depreciation all your business assets in one place

Depreciation all your business assets placed in service during the year in one place other than cars and rental properties.

To depreciate a car and rental properties, Depreciation Spreadsheet-DS22821 is the best option.

Daily Work Activity Log Excel Template

Give Your Business a Chance to Succeed!
Track your daily work activities in your business and increase your work productivity.

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Business Planners and templates to help you manage your business successfully, file your business taxes and claim the right deductions.

 

Business Expense Excel Spreadsheet-LLC-BEESL31321:

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Depreciation Worksheet PDF-DWP21121:

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Depreciation Summary Spreadsheet-DSS22821:

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Depreciation Spreadsheet-DS22821:

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Daily To Do List PDF – DTDLP1221:

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Daily To Do List PDF – DTDLPBW1221:

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Daily Work Activity Log Excel Template – DWALET21221:

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Form 940 Business Tax Checklist – F94011821:

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Form 944 Business Tax Checklist – F94411821:

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How to manage your money:

Finance Planners to manage your money, pay off your debts, and put your money to work.

Budget and Monthly Expense Tracker – BO2D22:

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For more digital products would you please visit: https://liberdoanload.com.

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Best Seller: Nina’s Soap Flour Sack Individual Hand Towel – Set of 5: Small size cloth napkins to use as individual hand towels in the bathroom instead of paper towels or as napkin in the kitchen for family dinners:

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If you are a Sole Proprietor, a Limited Liability Company (LLC), an S Corporation, or an LLC taxed as an S Corporation, articles and videos on our channel would be helpful to file your business tax returns. If you need more help and would like to meet with us, would you check if our Group meeting session is the best fit for you.

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