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SMALL BUSINESS TAX PREP CHECKLIST 2019

Small Business Taxes

• 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,Travel away from home)

• Business trip (mileage) log

• Contemporaneous log or receipts for public transportation, parking, and tolls

• Airfare or mileage/actual expense if drove

• Hotel

• Meals, tips

• Taxi, tips

• Internet connection (hotel, Internet café etc.) 

• Commissions paid to subcontractors - File Form 1099-MISC and 1096 as necessary

• Depreciation

• Depreciation: Cost and first date of business use of assets

• Depreciation: Records relating to personal use of assets

• Depreciation:  Sales price and disposition date of any assets sold

• Business insurance: Errors and omissions

• Interest expense: Business loan interest

• Interest expense:   Investment expense and interest

• Interest expense: Investment expense and interest

• Professional fees: Lawyers, accountants, and consultants

• Office supplies: Pens, paper, staples, and other consumables

• Rent expense: Office space rent

• Rent expense: Business-use vehicle lease expense

• Office-in-home: Square footage of office space

• Office-in-home: Total square footage of home

• Office-in-home: Hours of use, if operating an in home daycare

• Office-in-home: Mortgage interest or rent paid

• Office-in-home: Homeowner\'s or renters\' insurance

• Office-in-home: Utilities

• Office-in-home: Cost of home, separate improvements and first date of business use  

• Wages paid to employees: Form W-2 and W-3

• Wages paid to employees: Federal and state payroll returns (Form 940, Form 941, etc.)

• Wages paid to employees: Employee benefit expenses [This needs to be left-aligned with "Wages paid to employees"]

• Wages paid to employees: Contractors

• Wages paid to employees: Form 1099-MISc

• Wages paid to employees: Form 1096

• Other expenses: Repairs, maintenance of office facility, etc

• Other expenses: Estimated tax payments made  

• Other expenses: Other business related expenses  

• Other expenses: Health insurance [This needs to be left-aligned with "Other expenses"]  

• Other expenses: Premiums paid to cover the sole-proprietor and family  

• Other expenses: Premiums paid on behalf of partners and S corporation shareholders  

• Other expenses:   Information on spouse\'s employer provided insurance