Business
Checklist

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