Small Business Tax Preparation Checklist

Updated: Aug 6

Preparing your own business tax return, especially for the first time, can be a frustrating experience if you don't have all the necessary information at your fingertips. Gathering certain documents before you begin will help you fend off the frustration. Here's a list of items you may find helpful when preparing your business tax return:

Business information

  • Last year's business tax return

  • Articles of incorporation

  • Partnership agreement

  • Accounting records

  • Bank statements

  • Credit card statements

  • Payroll reports

  • Detail of asset purchases

  • Depreciation schedules

  • Detail of asset dispositions

  • Vehicle information

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

  • Commissions paid to subcontractors

  • Depreciation

  • Business insurance

  • Interest expense

  • Professional fees

  • Office supplies

  • Rent expense

  • Office-in-home

  • Wages paid to employees

  • Other expenses

If you are not confident with your bookkeeping skills, our certificated bookkeeping experts can help! Catch Up Accounting can keep your business finance right on track. Get in touch with us for free quote!


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