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
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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