Small Business Tax Returns
Posted Wednesday, November 15, 2023
Here is a quick list of the necessary steps to have WCG CPAs & Advisors prepare your small business tax returns. Important dates and considerations during the tax extension season-
|Individuals / C Corps
1040 / 1120
|Partnerships / S Corps
1065 / 1120S
|Tax Documents Due
|Mon, March 11
|Mon, February 12
|eFile and Fee Payments Due
|Mon, April 8
|Fri, March 8
|Mon, April 15
|Fri, March 15
Our turnaround times for tax return preparation varies throughout the year. Click here for real-time information. Also, we will update you with email and text alerts along the way.
During tax season, we have a soft-close at 4:05PM on Fridays to enjoy some chips and salsa, and to unwind a bit. Our tax season drink is the Ukraine Mule with cucumber vodka from the Netherlands- stop by and join us. Apparently having fun before 4:00 is frowned upon in our establishment. Back at it on Saturday!
Individuals and C Corps
Partnerships and S Corps
Individual Tax Returns (Form 1040)
The following steps are designed for business entity tax returns (Form 1065, 1120 and 1120S). If necessary, please use this link to be redirected to separate steps for individual tax return preparation (Form 1040) including business activities that are reported on Schedule C.
WCG gives back to our accounting community by routinely hiring college students to provide seasonal tax support to our Tax Accountants and Tax Managers. We encourage them to communicate directly with you, the wonderful client, to gather necessary information and keep things moving along. Everyone was new at some point in their careers, so please try to extend extra grace and patience as our Tax Support Team interacts with you. If at any time communication is breaking down, please reach out to your Client Manager directly.
Here we go…
1. Business Tax Preparation
The buttons below will take you to a simple, customized online digital form for you to seamlessly and securely send your information. This ensures comprehensive business tax preparation and an economic tax preparation fee. All submissions are uploaded to your Sharefile within 24 hours for historical safekeeping. You will receive an email and a text alert letting you know we’ve received it. Communication is key!
WCG takes the safety and security of your personal information very seriously. Please read our security and privacy procedures.
2. Engagement Agreement
The IRS and our Professional Liability Insurance provider are getting more stringent on Engagement Agreements for small business tax returns. We have created an easy digital engagement agreement, but we also have one in PDF. Seriously, it is super easy and required prior to business tax preparation. Darn rules!
We also have a combined engagement agreement for those business owners who want us to also prepare their 1040 tax return. One form, two engagements. Easy!
3. Gather Your Tax Documents and Financial Data
Business owners have unique tax needs simply because most of the tax documentation is generated by the business owner. Please use the following button to review an important checklist for business tax preparation.
Also, if you are freakin’ out about life on life’s terms, deadlines and all that… you can use the button to the right to authorize us to file a tax return extension and we’ll put your small business tax returns on ice for a bit.
4. Tax Organizers and Worksheets
Each button below takes you to a worksheet to provide us critical information for the completion of your small business tax returns. They are home-grown and specifically designed to be a) efficient and b) educational as we take you through the various tax matters that affect you. We are not trying to be difficult nor are we asking you to prepare your own tax returns… at the same time, this information only helps create an accurate and equally important complete tax return.
The following three buttons are variants of the same thing. We have a hefty tax organizer for your business that can be submitted as a digital form, a fillable PDF or an Excel spreadsheet. Even if you have a bookkeeper such as Bench or you use QuickBooks, Xero, Waveapps, etc. there are still things we need to know that might not be detailed on your financial statements (such as anticipated 401k or SEP IRA contribution, ownership changes, address updates, etc.).
The following three buttons are variants of the same thing. We have a hefty tax organizer for your business that can be submitted as a secure digital form, a fillable PDF or an Excel spreadsheet. Even if you have a bookkeeper such as Bench or you use QuickBooks, Xero, Waveapps, etc. there are still things we need to know that might not be detailed on your financial statements (such as anticipated 401k or SEP IRA contribution, ownership changes, address updates, etc.).
An Accountable Plan is a reimbursement mechanism where business owners reimburse themselves for home office, cell phone, internet and mileage (among other things). The button below will take you to our page which explains more and also has links to our online form, an Excel template or a PDF for your selection.
However, you can also use the home office and auto expense worksheets below, and we will synthesize an Accountable Plan reimbursement for your business tax preparation.
5. Send Us Your Stuff (fun!)
This is the best part. You can scan and upload to your Sharefile, fax, mail or take a road trip.
Contact us to receive login instructions to your Sharefile. If you have already chatted with us, you should have received two emails – a welcome email, and another with login instructions. Check your junk folder too. Use the button below to login into your secure Sharefile.
We receive a notification that you have uploaded files.
Send a File
You can also securely send us your files by using Send A File which doesn’t require logging into your Sharefile. Please use your name and a brief description as the file name such as ‘SmithJohn-W2′ since all files sent to us this way end up a general yet private portal folder. These files will be placed in your Sharefile (from genpop to isolation). Use the button below to use this tool-
Similar to your Sharefile, we receive a notification that you sent us files.
All faxes will be transferred to your Sharefile as a PDF. We will email you with the number of pages received, and send a follow up text.
Mail, Road Trip
Please retain your originals and send copies to:
WCG CPAs & Advisors
2393 Flying Horse Club Drive
Colorado Springs CO 80921
For road trips, our Colorado Springs offices are open Tuesday-Thursday during tax season. If making a road trip to our office, tax preparation seems to improve dramatically with donuts. You can also hang out and have some coffee in our social lounge. Fun!
6. Tax Return Review and Filing
You will receive an email and a text message alerting you that your small business tax returns are ready for your review. What does that mean? And what happens next? Both great questions.
You are the most intimate with your financial world so your review is essential to the tax return preparation process. Also, we want you to be comfortable with your tax liability; we are not asking you to be happy, but at least comfortable knowing the the numbers are accurate.
7. Cross TAXES Off Your Chores List
Book that summer vacation and let us know where… we need some ideas for after April. Yuck for us. Good for you.
8. Light Reading
Here is some light reading about some popular topics.