At Formations, we're taking the hassle out of tax season by starting early and getting all the data we need so you can spend more time on what's important to you. We reduced your involvement to only four engagements while we take care of the rest.
Tax season can be overwhelming and stressful, especially when you're not even sure if you will owe money to the government or get a refund and how much. But as a Formations customer, tax season should be a non-event since we will take care of all of it for you while you can focus on your work or take a vacation. However, we will need a few small things from you to make sure we file correctly and on time and get you back to what matters the most - whatever it is for you.
- Complete the end-of-year survey so we can update your financial forecast and run your final payroll. You can view the survey in your Formations Account.
- In January, we will reach out with a request to provide final information on special-category expenses like business use of home, milage, and others. These categories are treated specially in your tax return, so we must confirm it with you before filing your return.
- Once we have all your information, we will prepare your tax return draft. This process will allow us to produce a list of open items (Open Item List) that we will need your help to complete to finalize your tax return and file on time.
- When your tax return is ready, we will send it to you for review, approval, and signature. At that point, you can sign it, and we will file it for you, or you can ask for a detailed review with one of our tax preparers.
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That's it! Once your 1120S is filed, we will produce your K-1 so you can do your personal tax return (1040). If you choose Formations to do that for you, we will streamline the process so your personal taxes are filed on time.