Small Business Tax Preparation Checklist
Below is the information you will need to gather for the preparation of your business income tax returns.
Our business tax organizer may also be beneficial.
- Gross receipts from sales or services
- Sales records (for accrual based taxpayers)
- Beginning inventory (if applicable)
- Ending Inventory (if applicable)
- Items removed for personal purposes (if applicable)
- Returns and allowances
- Business checking and savings account interest (1099-INT or statement)
Transportation and Travel Expenses
- Business trip (mileage) log
- Contemporaneous log or receipts for public transportation, parking and tolls.
Travel away from home
- Airfare or mileage (actual expense if drove)
- Meals and tips
- Taxes and tips
- Internet connection (hotel, Internet café, etc.)
Commissions paid to subcontractors
- File Form 1099-MISC and 1096 as necessary
- Cost and acquisition date of assets
- Sales price and disposition date of any assets sold
- Employer-paid pension/profit sharing contributions
- Employer-paid HSA contributions
- Employer-paid health insurance premiums
- Cost of other fringe benefits
- Casualty loss insurance
- Errors and omissions
- Mortgage interest on building owned by business
- Business loan interest
- Legal fees
- Pens, paper, staples, etc.
- Other consumables
- Office space rent
- Business-use vehicle lease expense
- Square footage of office space (hours of use for daycare business)
- Total square footage of home (not applicable for daycare business)
- Mortgage interest or rent paid
Wages paid to employees
- Form W-2 and W-3 Federal and state payroll returns (Form 940, etc.)
- Repairs, maintenance of office facility, etc.