Tax Prep Checklist for Business Owner

Please provide a copy of previous year tax return.

Gather all income records, including:

• Gross receipts from sales or services

• Sales records

• Returns and allowances

• Business checking/savings account interest

Compile all expense records, including:

• Advertising

• Vehicle expenses and mileage

• Commissions and fees

• Local Taxes and license fees

• Equipment purchases and maintenance

• Leasehold improvement

• Employee benefit programs and insurance

• Office expenses and supplies

• Rent or lease payments

• Bank fees for business accounts

• Travel, meals, and entertainment

• Quarterly estimated tax payment receipts

• Home office deduction (if you use a portion of your home regularly and exclusively for business)

• Employee Salaries and Benefits

• Professional Services such as legal and accounting fees

• Small Business Health Care Tax Credit or the Research and Development Tax Credit

• SEP IRA: You can contribute up to 25% of your compensation or $69,000 (for 2024), whichever is less.

• Solo 401(k): This option allows for both employee and employer contributions, potentially allowing you to save more for retirement and reduce your current tax liability.

You have until the tax filing deadline (including extensions) to make these contributions for the previous tax year.