Tax preparation checklist for TurboTax Live Assisted Business

As a business owner, preparing your taxes can seem daunting. But with a bit of preparation, the process can become a lot easier. 

TurboTax Live Assisted Business handles:

• Single-member LLCs
• Sole proprietorships
• S corporations Form 1120-S, and 
• Partnerships or multi-member LLCs - Form 1065
• 1099s and W-2s through Quick Employer Forms in TurboTax

An individual partner or shareholder is still required to file an individual tax return Form 1040, where they must report the income allocated to them by the “pass-through” entity on the Schedule K-1 they receive.

For C corporations - Form 1020, or certain Estates or Trusts - Form 1041, use TurboTax Desktop Business.

Note: Businesses with a December 31 year-end have an income tax filing due date of March 15, or April 15 for a single-member LLC/sole proprietor or C corporation. 

If you think you might not complete and file the return by the due date, go straight to step 3 of the section titled "Prepare your tax return in TurboTax Business Live Assisted" to get an extension.

Even if you paid estimated taxes over the tax year and have obtained a filing ‌extension, payment of any final taxes owing (may be estimated) is still due by the original return due date. 

Returns filed after the due date (or extended due date, if applicable), and late payments (regardless of any filing extension) can be subject to interest and penalties.

If you paid contractors or employees, there are earlier due dates for filing Form 1099-NEC and Form 1096 for contractors, and payroll tax for employees, including getting them their Form W-2.

Tax preparation checklist

Complete your year-end bookkeeping. If using QuickBooks:

1. Connect your accounts to online banking.
2. Automatically download all of your sales and expenses into QuickBooks Self-Employed. See: Set up bank rules to categorize online banking transactions in QuickBooks Online.
3. Gather all receipts, documents, and reports (paper or digital):
   • These may only be necessary when you’re starting your business and filing your income tax return for the first time.
     • Articles of Organization, including amendments
     • Federal Employer ID Number (EIN) from IRS Letter CP-575
     • Operating agreement, if applicable
     • S Corporations - Form 1120-S: Proof of S Corp election effective date (Approval Letter CP261 or Verification Letter 385C)
     • State registration number
   • Income, expenses, depreciable property, loans and other credit, dividends, or other shareholder distributions or loans.
   • Follow Upload your receipts and bills to QuickBooks Online to record and categorize the transactions not already captured by step B. 
4. Reconcile your bank account and other accounts in QuickBooks.
5. Make any required adjusting journal entries.
6. Run your year-end reports, in particular, the income statement and the balance sheet.
7. Transfer your QuickBooks info toTurboTax Business.

Prepare your tax return in TurboTax Business Live Assisted

1. If you are new to TurboTax Business, have your prior-year tax return on hand for company information reference. 
2. If you are returning to TurboTax Business, it'll find and use last year’s tax return data to give you a head start.
3. When you are at the introductory TurboTax Business screen, we’ll start gathering your business info. TurboTax will ask you whether you need to file an extension. If you do, select the File extension button, and follow the steps.
4. Follow the steps in TurboTax Business to prepare the return. TurboTax Business may ask about additional considerations like:
   • Vehicle loan interest
   • Other vehicle expenses
   • Home office expenses
   • Interest paid