Tax Planning for Small Business Owners What to bring to your tax planning call
Bring what you have. Last year's return and a rough idea of this year's profit are enough to start.
The short list
Last year's returns. Your personal return, and the business return if the company files its own. They show how the business is taxed today and what you paid.
This year's numbers. A profit report for the year so far, or access to your books. If the books are behind, a rough idea of sales and costs is fine for the first call.
Estimates paid. The dates and amounts of any estimated payments this year.
Helpful if you have them
Payroll reports. If you're an S corp owner, your salary and withholding so far this year.
Retirement plan details. The plan's name and what you've put in this year.
The S corp acceptance letter. If the company elected S corp status, the IRS letter that accepted it.
Big changes. A new hire, a large purchase you're planning, a new location, or a change in how you're paid.
If you're an S corp owner
Bring last year's Form 1120-S if you have it, your payroll summary for this year, and a note of any money you took out as distributions. Those three show us whether your salary fits your work and how much room is left for a 401(k) before December 31.
If you're just starting out
Bring what you expect the business to make this year and how it's set up today. We can plan the first year with you, including whether to form a company and when.
What to keep out of the form
Please keep Social Security numbers, account numbers and tax documents out of the forms on this site. After an engagement letter is signed, we send you a secure upload link for documents.
How we use what you bring
On the call, we use last year's return to see which moves you already use and which ones you missed. We use this year's numbers to see which moves still count before December 31, and roughly what each is worth. You leave with the next steps and their dates.
If the books need catching up before the plan can be set, we tell you how long that takes and what it costs. Our page on why tax planning starts with current books explains what current means.
Questions about getting ready
What if I can't find last year's return? Book anyway. You can download a transcript from your IRS online account, and we can work from that.
Do I need everything before I book? No. Most owners bring two or three items. We can fill in the rest after the call.
Ready to book? Send a note first if you like.
Tell us what you'll bring and what you'd like the call to cover.
You will be talking to the Steven Palmieri practice.