Small Business Tax Checklist

Here is a brief list of some of the items you will need in order to prepare your small business tax return. This list isn’t exhaustive, and it’s always best to check with your accountant or tax attorney to make sure everything is reported correctly. If you have any questions, feel free to give us a call!

Income items:

  • Gross receipts – this is all of the money that you took in from sales of goods or services

  • Inventory – you’ll need to know how much inventory you had on hand at the beginning of the year, how much inventory you purchased during the year, and how much inventory you had at the end of the year

    • Beginning inventory

    • Inventory purchases

    • Ending inventory

  • Returns and allowances – these are any refunds that you gave to clients or customers

  • Interest income – this is generally any business checking/savings account interest that was reported on form 1099-INT or other statement

  • Other income – did your business receive any other income not listed above?

 

Expense items:

  • Advertising costs – for example, amounts paid for online or

  • Transportation and travel expenses

    • Mileage log – if you put miles on your car for business make sure that you keep a log of all of your trips, including how many miles, where you drove, and the date

  • Parking and toll expenses

  • Meals – these need to be meals for business purposes, such as taking a networking lunch

  • Amounts paid to subcontractors

    • Don’t forget to file Form 1099-MISC and 1096 if needed

  • Assets purchased over the past year – make sure you keep records showing the amount and date of purchase

  • Assets sold – make sure you keep records showing the amount you sold the asset for and the date of sale

  • Business insurance

  • Professional liability insurance

  • Depreciation – this one is complicated… ask your accountant or tax lawyer

    • Assets purchased over the past year - make sure you keep records showing the amount and date of purchase

    • Assets sold – make sure you keep records showing the amount you sold the asset for and the date of sale

  • Insurance – your business may have several different kinds of insurance

    • ​Business insurance

    • Professional liability insurance

  • Interest expense

  • Mortgage interest on buildings owned by business – this is often reported on Form 1098

  • Equipment rentals – like copiers, etc.

  • Office space rent

  • Square footage of office and square footage of home

  • Mortgage interest or rent paid

  • Household utilities

  • Legal fees

  • Office supplies – pens, paper, staples, etc.

  • Rent

    • Equipment rentals – like copiers, etc.

    • Office space rent

  • Home office – how this is reported can vary depending on your employment status; talk to your accountant or tax attorney to find out what applies to you

    • ​Square footage of office and square footage of home

    • Mortgage interest or rent paid

    • Household utilities

  • Wages paid to employees

  • Forms W-2 and W-3

  • Federal and state payroll returns – this is often completed by your payroll company so you may need to request copies

  • Repairs and maintenance of office space – there is a big difference between a repair and an improvement; ask your accountant or tax lawyer for more information

  • Other business related expenses