This checklist is a general guide and may not cover every situation. Schedule your consultation for personalized advice.
GENERAL INFORMATION
● BUSINESS NAME & EIN – Verify accuracy
● BUSINESS ADDRESS – Current and correct
● BUSINESS TYPE – Sole proprietorship, partnership, LLC, S-Corp, C-Corp (Impacts required tax forms)
● ACCOUNTING METHOD – Cash or accrual (Consistent use is crucial)
● FISCAL YEAR – Confirm the tax year you're reporting
● PRIOR YEAR TAX RETURNS – Have copies readily available
INCOME DOCUMENTS
● GROSS RECEIPTS/SALES – Detailed records of all sales transactions
● SALES INVOICES – Copies of invoices issued to customers
● BANK STATEMENTS – All business bank accounts for the tax year
● MERCHANT STATEMENTS – Credit card and debit card processing statements
● 1099 FORMS RECEIVED – From clients who paid you as an independent contractor
● OTHER INCOME – Interest, dividends, royalties, etc.
EXPENSE DOCUMENTS
● COST OF GOODS SOLD (COGS) – If applicable, detailed records of direct costs of producing goods
● PURCHASES – Invoices and receipts for inventory and supplies
PAYROLL EXPENSES
● W-2 FORMS – Issued to employees
● PAYROLL TAX RETURNS – Forms 941, 940, etc.
● EMPLOYEE BENEFITS – Records of health insurance, retirement contributions
OPERATING EXPENSES
● RENT/LEASE EXPENSES – Documentation for office space, equipment, etc.
● UTILITIES – Gas, electric, water, internet, phone bills
● ADVERTISING & MARKETING – Invoices and receipts for marketing activities
● REPAIRS & MAINTENANCE – Records of repairs to equipment or property
● DEPRECIATION – Schedule of depreciable assets and calculations
● INTEREST EXPENSE – Interest paid on business loans or lines of credit (Form 1098)
● PROFESSIONAL FEES – Payments to accountants, lawyers, consultants
● INSURANCE – Business insurance premiums paid
● TRAVEL EXPENSES – Detailed records of business travel, including mileage logs
● MEALS & ENTERTAINMENT – Documentation for business meals (subject to limitations)
● OFFICE SUPPLIES – Receipts for office supplies purchased
● TAXES & LICENSES – Business licenses, permits, property taxes
● OTHER BUSINESS EXPENSES – Documentation for any other deductible business expenses
OTHER IMPORTANT DOCUMENTS
● LOAN AGREEMENTS – For business loans
● ASSET PURCHASE AGREEMENTS – For significant purchases
● LEGAL DOCUMENTS – Contracts, agreements, etc.
● INVENTORY RECORDS – Accurate inventory counts and valuation methods
● PRIOR YEAR TAX RETURNS – For comparison and reference
KEY CONSIDERATIONS
● HOME OFFICE DEDUCTION – If applicable, detailed calculations and documentation
● VEHICLE EXPENSES – Mileage logs and documentation for business use of vehicles
● EMPLOYEE BENEFITS – Records of benefits provided to employees
● RECORD KEEPING – Schedule your monthly or quarterly checkups to maintain organized records throughout the year for easier tax preparation. Digital copies are highly recommended
