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Annual Tax Prep Checklist

Business Taxes

• 1. Tax Filing Strategy:

• Decide if you will hire a tax preparer or file your return yourself

• Research tax preparers

• Interview tax preparers

• 2. Close Out Bookkeeping:

• Categorize all transactions

• Address questions and fix mistakes

• Reconcile all bank and credit card accounts

• 3. Review Your Reports

• Run a profit and LOSS Standard and look for errors

• Run a Profit and Loss Statement Detail and review all transaction categories

• Run a finalized Profit and Loss and save for your tax preparer

• 4. Mileage and Car Expenses:

• Log total business mileage for the year

• Log total mileage for the year

• Total auto expenses:

• Repairs and maintenance

• Gas

• Insurance

• Lease payments

• 5. Home Office Expenses:

• Measure home Office square footage

• Measure total home square footage

• Total home expenses:

• Rent or mortgage

• Utilities

• Renter\'s or homeowner\'s

• insurance

• Repairs and maintenance

• 6. Home Internet and Cell Phone:

• Log cell phone payments and business percentage

• Log home internet payments and business percentage

• 7. Organization:

• Make folder for tax-related mail

• Open all tax-related mail

• Make a folder on your Computer called \'20" Taxes\' for digital tax docs

• Make a folder in your email program called \'20" Taxes\' for tax communication