or prepare your own t

      •  
      • Information on spouse's employer provided insurance

Business Check List

Small Business

Income

  • Gross receipts from sales or services

  • Sales records (for accrual based taxpayers)

  • Returns and allowances

  • Business checking/savings account interest (1099-INT or statement)

  • Other income

Cost of Goods Sold (if applicable)

  • Inventory

  • Beginning inventory total dollar amount

  • Inventory purchases

  • Ending inventory total dollar amount

  • Items removed for personal purposes

  • Materials & Supplies

Expenses

  • Advertising

  • Phones (landline, fax or cell phones related to business)

  • Computer & internet expenses

  • Transportation and travel expenses

    • Local transportation

      • Business trip (mileage) log

      • Contemporaneous log or receipts for public transportation, parking, and tolls

    • Travel away from home

      • Airfare or mileage/actual expense if drove

      • Hotel

      • Meals, tips

      • Taxi, tips

      • Internet connection (hotel, Internet café etc.)

      • Other

  • Commissions paid to subcontractors

    • File Form 1099-MISC and 1096 as necessary

  • Depreciation

    • Cost and first date of business use of assets

    • Records relating to personal use of assets

    • Sales price and disposition date of any assets sold

  • Business insurance

    • Casualty loss insurance

    • Errors and omissions

    • Other

  • Interest expense

    • Mortgage interest on building owned by business

    • Business loan interest

    • Investment expense and interest

  • Professional fees

    • Lawyers, accountants, and consultants

  • Office supplies

    • Pens, paper, staples, and other consumables

  • Rent expense lease with landlord

    • Business-use vehicle lease expense

  • Office-in-home

    • Square footage of office space

    • Total square footage of home

    • Hours of use, if operating an in home daycare

    • Mortgage interest or rent paid

    • Homeowner's or renters' insurance

    • Utilities

    • Cost of home, separate improvements and first date of business use

  • Wages paid to employees

    • Form W-2 and W-3

    • Federal and state payroll returns (Form 940, Form 941, etc.)

      • Employee benefit expenses [This needs to be left-aligned with "Wages paid to employees"]

      • Contractors

      • Form 1099-MISc

      • Form 1096

        • Repairs, maintenance of office facility, etc

        • Estimated tax payments made

        • Other business related expenses

          • Health insurance [This needs to be left-aligned with "Other expenses"]

          • Premiums paid to cover the sole-proprietor and family

          • Premiums paid on behalf of partners and S corporation shareholders

          • Information on spouse's employer provided insurance