Tax Season Preparation Checklist
Any successful business owner knows that preparing for tax season is essential. This post provides the documents and data you should have prepared when filing your taxes.
Financial Statements
- Profit and Loss Statement (Income Statement)
- Balance Sheet
- Cash Flow Statement
Receipts and Records
- All business-related receipts, invoices, and expense records
- Records of any business-related financial transactions
Business Income Documentation
- Sales records and invoices
- Payment receipts from customers
- Bank statements showing income deposits
Expense Documentation
- Receipts for all business expenses, including office supplies, rent, utilities, and more
- Credit card statements or canceled checks related to business expenses
- Mileage records for business-related travel
Employee Records
- Employee payroll records, including W-2 or 1099 forms
- Records of any employee benefits provided
Tax Forms
- Completed tax forms such as IRS Form 1040, 1120, 1120S, or 1065 (depending on the business structure)
- Estimated tax payments made throughout the year
Depreciation and Asset Records
- Records of any business assets, their purchase dates, costs, and depreciation information
- Any Section 179 deductions or depreciation schedules
Health Insurance Records
- Documentation of health insurance premiums paid by the business (if eligible for deductions)
Previous Tax Returns
- Copies of prior years’ tax returns for reference
IRS Correspondence and Notices
- Any correspondence or notices received from the IRS or state tax agencies
Financial Software Data
- Data from accounting and financial software used for bookkeeping
Legal Entity Documents
- Documentation proving the legal structure of the business (e.g., articles of incorporation, partnership agreements)
Business Licenses and Permits
- Copies of any business licenses or permits
Retirement Plan Contributions (if applicable)
- Records of any contributions to retirement plans, such as a SEP IRA or 401(k)
JTS Associates – Your Trusted Tax Professionals
At JTS Associates, we provide comprehensive tax services, maximizing your returns while ensuring your business adheres to all applicable laws and regulations. Contact us today and experience the JTS difference firsthand.
