Tax Preparation Checklist
TurboTax 2019 Home Business Tax Software offers an all in one package for preparing your tax returns.
- Home Business Tax Software
- TurboTax Home and Business
- TurboTax Home and Business Discounts
- Home Business Tax Preparation Checklist
- Home Business Tax Tips
It's the day after Christmas and I'm sitting here contemplating the tasks to come in the new year. On top of that list is preparing tax returns for myself and my business.
Home Business Tax Preparation
- Receipts from sales or services
- Sales records (for accrual based taxpayers)
- Beginning inventory
- Year end inventory
- Business checking and savings account interest
- Transportation and Travel Expenses
- Receipts for public transportation, parking etc.
- Business airfare or mileage, Hotels, Meals and tips, Internet connection, Advertising...
- Subcontractor Commissions
- 1099-MISC and 1096 as necessary
- Cost and acquisition date of assets
- Sales price and disposition date of any assets
- Employer-paid pension/profit sharing contributions
- Employer-paid HSA contributions
- Employer-paid health insurance premiums
- Cost of any other fringe benefits
- Business insurance
- Casualty loss insurance
- Errors and omissions
- Office supplies
- Pens, paper, staples, etc.
- Other consumables
- Interest expense
- Mortgage interest on building owned by business
- Business loan interest
- Legal fees
- Rent expense - Office space rent
- Business-use vehicle lease expense
- Form W-2 and W-3 Federal and state payroll returns
- Repairs, maintenance of office facility, etc.
- Wages paid to employees
Organizing and preparing throughout the year will insure that your properly prepared to take advantage of any tax breaks you can once it's time to file your return.
Income Tax Preparation Checklist for Tax Return Preparation
Small-Business Tax Return Preparation
Business tax preparation checklists are designed to assist you in gathering all the documentation necessary to document your income and expenses throughout the year.
Reporting Home Business Income and Expenses
Properly reporting income and expenses is accomplished by evaluating any relevant documents to your businesses operation. The compilation and organization of this information throughout the year will help simplify and speed the process of your tax preparation.
The checklist above is a support tool to help ensure you've included all applicable information needed to prepare your return properly. This list also helps you make sure that you are taking advantage of any deductions that may apply to your business model.