Small Business Tax
Prep Checklist

Small Business Tax Checklist

Income

• Gross receipts from sales or services
• Sales records (for accrual based taxpayers)
• Returns and allowances
• Business checking/savings account interest (1099-INT or statement)
• Other income

Cost of Goods Sold (if applicable)

• Inventory
• Beginning inventory total dollar amount
• Inventory purchases
• Ending inventory total dollar amount
• Items removed for personal purposes
• Materials & Supplies

Expenses

• Advertising
• Phones (landline, fax or cell phones related to business)
• Computer & internet expenses
• Transportation and travel expenses
  • Local transportation
    • 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
    • Hotel
    • Meals, tips
    • Taxi, tips
    • Internet connection (hotel, Internet café etc.)
    • Other
• Commissions paid to subcontractors
  • File Form 1099-MISC and 1096 as necessary
• Depreciation
  • Cost and first date of business use of assets
  • Records relating to personal use of assets
  • Sales price and disposition date of any assets sold
• Business insurance
  • Casualty loss insurance
  • Errors and omissions
  • Other
• Interest expense
  • Mortgage interest on building owned by business
  • Business loan interest
  • Investment expense and interest
• Professional fees
  • Lawyers, accountants, and consultants
• Office supplies
  • Pens, paper, staples, and other consumables
• Rent expense
  • Office space rent
  • Business-use vehicle lease expense
  • Other
• Office-in-home
  • Square footage of office space
  • Total square footage of home
  • Hours of use, if operating an in home daycare
  • Mortgage interest or rent paid
  • Homeowner's or renters' insurance
  • Utilities
  • Cost of home, separate improvements and first date of business use
• Wages paid to employees
  • Form W-2 and W-3
  • Federal and state payroll returns (Form 940, Form 941, etc.)
    • Employee benefit expenses [This needs to be left-aligned with "Wages paid to employees"]
    • Contractors
    • Form 1099-MISc
    • Form 1096
• Other expenses
  • Repairs, maintenance of office facility, etc
  • Estimated tax payments made
  • Other business related expenses
    • Health insurance [This needs to be left-aligned with "Other expenses"]
    • Premiums paid to cover the sole-proprietor and family
    • Premiums paid on behalf of partners and S corporation shareholders
    • Information on spouse's employer provided insurance