August marks the end of summer and beginning of school. As summer draws to a close don’t forget that the end of summer marks an important tax deadline: Filing 2020 Extended Business Tax Returns.

Business owners that filed a 6 month extension to file their 2020 business tax return Form 1065 or Form 1120S must file by their tax returns by September 15, 2021. ***

If you haven’t filed your 2020 form 1065 or 1120S and don’t know where to start; here are some tips to collect the information to prepare your return:

• Make sure your books are up to date and reconcile your books
• Compile your business bank & credit card statements
• Download your December 2020 loan statement that shows the year-end balance and interest paid
• Compile your payroll tax returns including:
  • Quarterly Forms 941
  • Form 940
  • Quarterly state unemployment returns
• Compile your sales tax returns
• Did you file form(s) 1099? – if so, gather form(s) 1099
• Did you make estimated payments? – if so, make note of the date and amount of each payment.
• Did you make an extension payment? – if so, make note of the date and amount of each payment.
• Vehicle mileage – make note of your:
  • Total mileage
  • Business mileage
• Do you have a home office which you use exclusively for business? Include:
  • Total sq ft of home
  • Exclusive Business use sq ft of home
  • Expenses (utilities, taxes…etc,)
• Does your business have a retirement plan? If so – gather your December 2020 retirement plan statement

Once you have collected this information, it’s time to file. The deadline to file extended partnership and S-Corporation returns is less than a month away. Not sure about preparing your own return? At A.K. Burton PC, we specialize in tax services for small business owners. We prepare and file forms 1065 and 1120(S). 

A.K. Burton, PC, can do all your income tax preparation. We have experienced staff who can prepare and file your tax return and represent you before the IRS. Call us at (301) 365-1974 for a consultation. Our office is open. We serve the Bethesda, Rockville, and Montgomery County, MD area.  

*** For more information on filing as a Partnership or an S Corp, consult the IRS website.