Template
Annual Tax Prep Checklist
Filing small business taxes for the first time? We'll walk you through what taxes you have to pay, how to save for your taxes, and how to pay and file them.
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
This creates a private checklist in your account.