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2017 turbotax home and business staples1/21/2023 Your previous year's return also is a great comparison tool once you think you have completed your current-year tax return. Shareholder or partner information if there are no changes.Your beginning balance sheet amounts (these are the same as the prior year's ending balance sheet amounts).The method you use to track your inventory (if applicable).Your business code number and business activity descriptions.The date you elected to become an S corporation.The date you incorporated or started your business.The method you use to track your business finances (cash versus accrual).For example, if you are preparing your own return for the first time, your prior-year return can verify: It provides valuable information and can serve as a good roadmap for making your way through this year's return. Rather not remind yourself of all the tax you paid last year? Understandable, but you still need to dig out your previous year’s return. Here's a list of items you may find helpful when preparing your business tax return: Gathering certain documents before you begin will help you fend off the frustration. Preparing your own business tax return, especially for the first time, can be a frustrating experience if you don't have all the necessary information at your fingertips.
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