Business Partnership Tax Preparation

LET SHIELD TAX RELIEF SERVICES LLC TAKE CARE OF YOUR BUSINESS PARTNERSHIP TAX RETURN

Going into business with a partner should make the process of running a successful business easier and more profitable. There's no reason for a partnership to complicate your tax season, or take away from the pleasure and satisfaction of running your business. Let us help you maximize the profits of your business partnership!

THE MOST IMPORTANT STEP OF ANY PARTNERSHIP INCOME TAX RETURN

The most important step for easily filing an accurate business tax return is to keep diligent records. This process should begin at incorporation, and much of the information that you will need for your partnership income tax return will be on your articles of incorporation. The articles of incorporation are the legal documents that were filed when the business began. Included in these articles of incorporation should be a partnership agreement, with necessary details like how much money each partner initially put into the company.



From the very beginning of every business, through incorporation, and all the way to selling your business, it is vital to keep accurate balance sheets about income and expenses and how they affect each partner.

PREPARE FOR YOUR PARTNERSHIP TAX RETURN WITH THE PROFESSIONALS

In addition to your articles of incorporation and balance sheet, make sure you also have the following information:

• The company's Federal Tax ID number
• Date of incorporation
• Business income (if any)
• Business losses (if any)
• The number of shareholders
• The size of each shareholder's ownership stake

Most of this information should be in the articles of incorporation and your balance sheet. If you have not kept records to the full extent of your ability for whatever reason, it's possible that most of this information can be collected from your electronic bank statements and credit card statements. If you know this is the case for your business, contact your bank and ask if they can provide you with these kinds of statement. The more detailed your statement is, the better.

If you have all of this information ready, our tax specialists can ensure that your partnership tax return can be filed quickly and accurately.