Small Business Tax
Prep Checklist

Income

• Gross receipts from sales or services
• Sales records (for accrual based taxpayers)
• Inventory (if applicable)
  • Beginning inventory
  • Inventory purchases
  • Ending inventory
  • Items removed for personal purposes
• Returns and allowances
• Business checking/savings account interest (1099-INT or statement)
• Other income

Expenses

• Advertising
• 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 acquisition date of assets
  • Sales price and disposition date of any assets sold
• Fringe benefits
  • Employer-paid pension/profit sharing contributions
  • Employer paid HSA contributions
  • Employer-paid health insurance premiums
  • Cost of other fringe benefits
• Business insurance
  • Casualty loss insurance
  • Errors and omissions
  • Other
• Interest expense
  • Mortgage interest on building owned by business
  • Business loan interest
• Legal fees
• Office supplies
  • Pens, paper, staples, etc
  • Other consumables
• Rent expense
  • Office space rent
  • Business-use vehicle lease expense
  • Other
• Office-in-home
  • Square footage of office space (hours of use for daycare business, only square footage is required for the new standard office-in-home deduction)
  • Total square footage of home (not applicable for daycare business)
  • Mortgage interest or rent paid
  • Utilities
• Wages paid to employees
  • Form W-2 and W-3
  • Federal and state payroll returns (Form 940, etc.)
• Other expenses
  • Repairs, maintenance of office facility, etc
  • Other business related expenses