Small Business Tax Checklist
It’s tax season and we are all getting ready! Some of us may not have all our ducks in a row just yet, so I’m giving you a Tax Checklist for your small business.
First and foremost – get a binder.
Have tabs for months each of the twelve months. Then have at tab for your investment accounts, one for your bank statement, and one for other big expenses. Do this at the beginning of each year to keep your paperwork organized and easily accessible so that come tax season, you can give it to your tax guy without being stressed out. We need systems and structures to make this easier ourselves.
Here is a tax checklist of documents you may need for your small business:
- Gross receipts for sales or services.
- All sales recorded.
- Any returns or refunds.
- Business checking and savings accounts statements (with interest).
- Any other income like dividends, alimony, or other jobs.
- Cost of goods (beginning inventory amount, inventory purchase amounts, and ending inventory amounts).
- Any items pulled for personal use (ones you can’t write off).
- Expenses (advertising, phones, internet, computer expenses, travel expenses, mileage, commissions to subcontractor, parking, ubers, meals, etc.).
- Depreciation and sales price of any assets sold.
- All insurances related to your business.
- Any interest paid across accounts.
- Legal fees paid.
- Coaching and mentor costs.
- Rental expenses (home office, office space, company cars).
- Wages paid to employees, federal forms, and other compensations.
- Repairs and maintenance.
- Any estimated taxes you have paid.
- Health insurance premiums paid.
It’s okay if you don’t know what all of these mean, I am just giving you a starting point and overall view of what you may need.
Use this tax checklist as your cheat sheet. Hopefully, this helps you get prepared for your tax man and get systems in place to make the next tax season easier.
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