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Business Activities including business expenses and revenues to track throughout the year to File IRS Form 1120S Accurately.
Form 1120S Checklist-LD2161: https://liberdownload.com/downloads/f...
It is a recommended to regularly record and track your business activities and transactions to gather the necessary information needed to file Form 1120 S for your S Corporation or LLC treated as an S Corporation.
Below is the basic checklist to get your business financial documents ready to file Form 1120S.
1. Reconcile your bank account with your journal entry.
2. Check all your sales have been recorded.
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Total Asset
It is needed to complete Item F on Form 1120S page 1.
1. Cash in the business account
2. Capital contribution by shareholders.
3. Profit or loss generated.
4. Track distribution to shareholders other than compensations to officers.
Form 1125-A- Cost of Goods Sold
Have the necessary data to complete form 1125-A cost of goods sold and line 2 page 1 of Form 1120S.
5. Check if your products in inventory have been counted and the record is up to date.
6. All products purchased for resale should be entered in inventory.
7. Product sold should be removed out of inventory.
8. Raw materials used to produce finished goods should be out of inventory.
9. Finished goods should be added to inventory.
10. Know the cost of your inventory at the beginning of the year, the cost of inventory at the end of the year, and the cost of inventory sold.
Revenues
Expense Summary
To complete Form 1120S page 1 Deductions sections and Schedule K Deductions sections.
Depreciation Spreadsheet
To claim depreciation deduction for assets in service and assets placed in service during the tax year.
Officers Compensations
Forms 940, 941, 944
Track your business share of employment taxes paid to be able to deduct them.
Revenues and Expenses to Track to File IRS Form 1120S: Form 1120S Checklist-LD2161

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