Tax Preparation Checklists



Tax season offers plenty of challenges especially when it comes to gathering up all that documentation that needs to be handy while working on your tax return.

Fortunately, a tax preparation checklist can make light of the situation and help you discover what's needed to proceed when

Comco Tax Solutions

Small Business Owner Tax Preparation Checklist

 Small Business 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-INTor statement)
• Other income

 Small Business General Documentation

• Articles of Incorporation
• Partnership Agreement
• Operating Agreement, etc.
• Copy of current period balance sheet
• Income statement
• Trial balance and general ledger
• Prior year financial statements
• List of all business owners including:
• Name
• Address
• Social security numbers
• Percent of ownership
• Date ownership acquired
• Detail of distributions
• Schedule of owner fringe benefits received
• Schedule of loans to/from owners including loan agreements
• Details of any related party transactions
• Copies of all payroll forms and 1099 forms for the year
• Amounts of any estimated tax payments
• Listing of dividend and interest income
• Vehicle information and use, including vehicle leases
• Info on employee benefit, retirement, health insurance plans, etc.
• Details of meals and entertainment expense
• Internal Revenue Service correspondence received during the year
• List of any activities in other states
• Details of fixed assets and depreciation schedules
• A copy of 1-3 previous year’s Federal and State tax returns

 Employment Taxes

• Federal income tax
• Social Security
• Medicare taxes
• Self-employment tax

 Deductions for Small Businesses

• Home office or business location expenses
• Interest expense
• Mortgage interest on building owned by business
• Business loan interest
• Office supplies
• Utilities
• Internet
• Telephone
• Furniture
• Computers and equipment
• Software and publications
• Legal fees
• Automobile mileage
• Travel, meals, entertainment
• Transportation and travel expenses
• Airfare or mileage/actual expense if drove
• Business trip (mileage) log
• Hotel
• Meals, tips
• Taxi, tips
• Internet connection (hotel, Internet café etc.)
• Local transportation
• log or receipts for public transportation, parking, and tolls
• Business gifts
• Insurance premiums
• Business insurance
• Casualty loss insurance
• Errors and omissions
• Retirement contributions
• Advertising
• 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
• Self-employment tax (Social Security)
• Hiring your child

 Office-in-home

• Square footage of office space
• Office square footage for (home office deduction)
• Total square footage of home (not applicable for daycare business)
• hours of use for daycare business
• Mortgage interest or rent paid
• Utilities

 Employee and Contract Labor

• Wages paid to employees
• Form W-2 and W-3
• Federal and state payroll returns (Form 940, etc.)