Tax Planning
The Small Business Tax Prep Checklist for Filing Season
The businesses that dread tax season are usually the ones scrambling for documents. Gather these ahead of time and filing becomes routine.
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01Income Records
Pull together all revenue records: sales reports, 1099s you received, merchant statements, and bank deposits. Your reported income should reconcile to these.
02Expense Documentation
Assemble categorized expenses with receipts: supplies, rent, utilities, software, professional fees, and mileage logs. Clean categories make deductions easy to claim.
03Payroll and Contractor Forms
If you have workers, gather payroll summaries and copies of the 1099s and W-2s you issued. These need to match what you filed with the IRS.
04Why does last year's return matter?
Last year's return is a roadmap. It shows carryovers, depreciation schedules, and comparisons that flag anything unusual this year.
05Big Purchases and Asset Changes
Note any major equipment purchases, vehicle changes, or asset sales. These affect depreciation and may open deductions like Section 179.
Common questions
What income records do I need for filing?
Sales reports, the 1099s you received, merchant statements and bank deposits. Your reported income should reconcile to these before the return is prepared.
What do I need if I have employees or contractors?
Payroll summaries and copies of the W-2s and 1099s you issued. These have to match what was filed with the IRS.
Why does my accountant want last year's return?
It is the roadmap: carryovers, depreciation schedules and the comparisons that flag anything unusual this year. Starting from it saves time and catches omissions.
Have a question about your situation?
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Schedule a ConsultationThis article is general information, not individualized tax, legal, or financial advice. Every situation is different. Reach out and we'll look at yours directly.