Taxes Smaxes! My Tips for SBO

It’s coming. Are you ready? If you are like me and own a small business, this time of the year can be a headache if not organized! Yes, you have until the 15th of April, but why wait? Here’s some tips to get you on the road to a low stress tax filing season!  The goal  is to pay the lowest tax you are legally required to pay.  This will help! This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business adviser or tax adviser with respect to matters referenced in this post.


Small Business Owner Check List

✔ A copy of the last three year’s Federal and State tax return

✔ 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, ✔ social security numbers, ✔ address, ✔ percent of ownership, ✔ date ownership acquired and ✔ 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 interest and dividend income

✔ Vehicle information and use, including vehicle leases

✔ Information on any employee benefit plans including retirement plans, health insurance, etc.

✔ Details of meals and entertainment expense

✔ Any Internal Revenue Service and Department of Revenue correspondence received during the year

✔ List of any activities in other states

✔ Details of fixed assets and depreciation schedules

tax time

Schedule C, Self-employed Checklist

Income 

List of bank deposits 

All 1099s 

Other income (interest etc.) Cost of good sold 

Beginning inventory 

Purchases of goods sold 

Materials & supplies 

Ending inventory Auto expense 

Lease payments 

Auto insurance 

Interest of auto loan 

Repairs & maintenance 

Total miles driven 

Business miles driven 

Total gas purchases 

Date car purchased 

Model and make of auto Salaries & wages 

Total gross wages paid 

Company paid FICA 

Federal unemployment paid 

State unemployment paid 

Worker’s compensation paid Expenses 

Advertising 

Commissions paid 

Liability insurance 

Interest paid 

Legal & professional fees paid 

Office supplies 

Rent paid 

Dues & subscriptions 

Travel expense 

Meals & entertainment 

Utilities 

Bank charges 

List of assets (cost & date acquired) 

Health insurance premiums Office in home 

Total square feet of home 

Total square feet of office 

Mortgage interest 

Real estate taxes 

Utilities paid 

Home repairs 

Home insurance [1040 General; Schedule E, Rental property checklist

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