Small Business Tax Prep Checklist

 

LAE Business Services, Inc.
373 Smithtown Bypass Suite 134, Hauppauge, NY 11788
P : 631-793-1292                     F: 631-382-8334
www.laebusiness.com            Email: info@laebusiness.com

Small Business Tax Prep 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
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

 

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