The following information is needed to complete your business return:

• Gross Receipts and Sales. It is necessary to determine the total income created by the business during the tax year. If all income were deposited in the business checking account then it would be equal to the total deposits. Be sure to identify any personal investments made to the company and deposited into the business account. This is not income but rather owner equity. For partnerships and S-corporations total income is only trade or business income. Tax–exempt income, portfolio income (such as interest or capital gains), rental income and rental activity income, must be reported separately.
  
• Cost of Goods Sold . Must be determined for those businesses that carry an inventory. Inventory includes articles held for sale to customers in the regular course of business. The cost of goods sold during the year is determined by adding the inventory at the beginning of the year with the purchases during the year, and subtracting from this sum the inventory at the close of the year. Thus it is important for a business that has an inventory to complete an end of year inventory to accurately identify cost of goods sold.
  
• Expenses. Business expenses should be broken down into one of the following categories; advertising, car and truck expenses (discussed in detail below), commissions and fees, employee benefit programs, insurance (other than health), interest on business loans, legal and professional services, office expenses, rent and lease, repairs and maintenance, supplies, taxes and licenses, travel, meals and entertainment, utilities, wages and other expenses.
  
• Car and Truck Expenses. If you operate only one car or truck at any one time in connection with your business you can elect to use the standard mileage rate rather than actual expenses. To use the standard mileage rate, a written record of business mileage must be maintained. This record should indicate, the date, location, business reason for the trip and mileage. In addition to the business mileage the tax return requires the total commuting mileage and total mileage that the truck or car was used during the year. For those that have an Office in Home there is no commuting mileage. If using actual expenses don’t forget to identify all expenses such as gas, oil, insurance, lease payments, license fee and repairs. If a car or truck was leased or bought during the tax year, all papers relating to those transactions will be needed to properly prepare your return if business use of the car or truck is claimed.
  
• Business Assests. Any personal property or real estate bought during 2002 for use in the business, with a life expectancy of more than one year must be identified. These items must be depreciated or expensed under section 179.
  
• Providing Tax Information. Many clients are now using QuickBooks or Pro-Pro computer program for their business. To provide much of the information necessary to prepare the business tax return go to the File in the menu bar. Under File is accountant’s review. In the menu under accountant’s review is, create accountant’s copy. By double clicking and following directions a record copy of the business account can be transferred to a disk. From the disk I can enter the data into my computer. Please put the name of the business and date on the disk. This provides significant help in obtaining necessary data to complete your business tax return. If not using a computer program make the necessary calculations and then forward the calculations along with cancelled checks and bank statements for the tax year.
  
• Due Date for Business Tax Returns. For Corporations, the tax return is due 15 March. All other business tax returns are due by 15, April. It is always a good practice to start business returns as early as possible. After getting the Bank statement in January and reconciling your account the tax process can be started. An early start allows time for resolution of any problems. Remember, that no matter when the tax return is done, taxes are not due before April 15 .
  
• Business Use of Home. To qualify for a business use of home, the space must be used exclusively and regularly for your business. The space must be your principal place of business or the space in which you do your administrative or managerial activities. Also it can be a space that you use for storage of inventory or product samples.To calculate the proper deduction the area of the home and the total area of the business space must be determined. The following home expenses must be provided, real estate taxes, deductible mortgage interest, casualty losses, insurance, rent, repairs, utilities, services, and cost of the house.
  
• Tax Forms. We did receive a small number of W-2s, W-3s and 1099s from the IRS. If you need only a few forms, we may be able to help you.
  
  
• Limited Liability Company. Each Limited Liability Company is required to send an Annual Report to the Secretary Of State by the 15 day of the third month after the close of their tax year. That means for most of us, March 15 th. Again we will stock copies of this report.

Complete listing of South Carolina Enrolled Agents