Tax season can feel overwhelming for business owners – especially when documents are scattered across different accounts, systems, or locations.
Having everything organized ahead of time not only speeds up the filing process but also helps ensure nothing important is missed.
To be organized in advance, use our simple Business Tax Prep Checklist (PDF) to help gather the information you need. This will make the tax return process be less frustrating and flow more smoothly.
Income Records
Start by gathering documents that show your total business income for the year. This may include:
- Profit & Loss statement (year-end)
- 1099-NEC or 1099-K forms received
- Sales records/reports
- Any other sources of business income.
Expense Records
Next, compile your business expenses. These help determine your taxable income and may reduce what you owe.
Common items include:
- Rent or lease payments
- Utilities (Internet, phone, etc)
- Office supplies
- Equipment purchases
- Insurance (business-related)
- Advertising/marketing costs
- Professional services (legal, accounting, etc)
- Vehicle Expenses (mileage logs or actual expenses)
Assets & Purchases
If you purchased equipment or other significant assets during the year, be sure to gather details.
This may include:
- Description of the item
- Purchase date
- Cost of the item
- Financing or lease agreements (if applicable)
Payroll & Contractors
If you have employees or hire contractors, you’ll need records related to those payments.
Be sure to include:
- Payroll reports and employee wages
- Payroll tax filings (Forms 941, W-2s, etc.)
- 1099s issued to contractors
- Contractor payment records
Banking & Financial Records
Having access to your financial accounts helps verify income and expenses.
Gather:
- Business bank statements
- Credit card statements
- Loan or financing statements
Other Important Information
There are always a few additional items that don’t fall neatly into one category but are still important.
This may include:
- Prior year tax return
- Estimated tax payments made
- Business use of home (if applicable)
- Any major changes to the business during the year
Notes & Questions
Finally, take a moment to write down any questions or concerns.
If something felt unclear, unusual, or different this year, it’s worth discussing during your tax preparation appointment.
Getting organized now can help make the tax preparation process smoother, faster, and less stressful. Download the checklist.
