Required documents to keep on file:
Income documents:
Other tax documents:
Tax deduction documents:
Income Items
Be sure to include all income sources when creating your small business checklist. This could include income from your day-to-day operations as well as any investment or secondary income.
☐ Gross receipts from sales or services
☐ Sales records for accrual-based taxpayers (accounts receivable)
☐ Returns and allowances
☐ Business checking/savings account interest (1099-INT or statement)
☐ 1099-NEC (independent contractor or professional services work), 1099-K, or W-2 income
☐ Other income, including rental income, federal and state gasoline or fuel tax credit or refund
Cost of Goods Sold
Some categories may not apply each tax season, so you should only include what applies for 2025 on your small business tax checklist. If you produce, purchase, or sell merchandise in your trade or business, you'll need to take your inventory into account at the beginning and end of the year.
☐ Beginning inventory total dollar amount
☐ Inventory purchases
☐ Ending inventory total dollar amount
☐ Items removed for personal purposes
☐ Materials and supplies
Expenses
A wide range of costs can fall under applicable business expenses. Don't miss recording any of these on your small business tax preparation checklist. Our tax professionals will help you find every deduction you deserve.
☐ Advertising
☐ Business telephones
☐ Computer& internet expenses for business use
☐ Transportation and travel expenses
☐ Commissions and fees
☐ Contract labor expenses paid to subcontractors and independent contractors
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
☐ Documentation of prior-year depreciation
☐ Amortization of intangible assets (e.g., patents or copyrights held)
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
☐ Tax preparers
Office supplies
☐ Pens, paper, staples, and other consumables
Rent expense
☐ Office space rent
☐ Business-use vehicle lease expense
☐ Other
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 renter's insurance
☐ Utilities
☐ Cost of home, cost of separate improvements, and first date of business use
Wages paid to employees
Employee benefit expenses
Health insurance — Whether you're a sole proprietor who is covering their family, a partner or you have S corporation shareholders, you'll want to account for premiums paid on behalf of those individuals. Also, you should gather information on your spouses employer provided insurance if applicable.
Other expenses
☐ Repairs, maintenance of office facility, etc.
☐ Estimated tax payments made (including property taxes and sales taxes, if applicable)
☐ Other business-related expenses
Tasks That Should Be Completed
Make sure you've completed all related tax issues such as:
☐ File Forms 1099-NEC and Form 1096
☐ File Forms W-2 and Form W-3
☐ File federal and state payroll returns (Form 940, 941)
Other Items
Make sure you've gathered related information such as:
☐ Any financial statements generated by the business, such as a balance sheet, profit/loss statement, or cash flow statement
☐ Completed year-end books
☐ Information regarding net operating losses (NOLs)
☐ Any information regarding electric vehicle purchases or energy-efficient improvements made
☐ Any information related to natural disasters, such as losses suffered and insurance payments received
Partnerships — Form 1065 Documents
☐ Copy of the partnership (or LLC) agreement with any amendment
☐ List of federal and state tax employer identification numbers (EINs)
☐ Last year's Form 1065 and Schedules K-1, and any state or local returns
Partner information
☐ Name, address, and SSN/EIN of each partner during the year
☐ Each partner's ownership percentage, including their profit and loss percentage if different
☐ Information regarding capital contributions, distributions, or other financial transactions involving a partner
☐ Information regarding:
S Corporations — Form 1120S Documents
☐ IRS acceptance letter of S election, or previously filed Form 2553
☐ A copy of the business's bylaws and articles of incorporation
☐ If an LLC taxed as an S corporation, copies of the LLC articles of organization and operating agreement。
☐ List of federal and state employer identification numbers (EINs)
☐ If the corporation used to be a C corporation, any information carried over after converting to an S corporation
☐ Last year's Form 1120S and Schedules K-1, and any state or local returns
Shareholder information
☐ Name, address, and SSN/EIN of all shareholders during the year
☐ The number of shares that each shareholder owns
☐ Information regarding any:
C Corporations — Form 1120 Documents and other information
☐ Articles of Incorporation and bylaws (or operating agreement for an LLC taxed as a C corporation).
☐ If an LLC taxed as a C corporation, copies of the articles of organization and operating agreement.
☐ Form 8832, if the entity has chosen to be taxed as a C corporation using the check-the-box regulations
☐ List of federal and state employer identification numbers (EINs)
☐ Any granted credit certificates
☐ Last year's Form 1120, including any schedules of carryover losses, deductions, or credits from prior years, and any state or local returns
☐ Information regarding any dividends paid or received
☐ Information regarding the corporation's accumulated earnings account
☐ Information regarding any business reorganization or change in ownership that happened during the year.
Shareholder information
☐ Information about any shareholder owning 20% or more of the company's stock.
☐ Information regarding the number of shares outstanding.
☐ Information regarding any distributions of cash or property to shareholders.
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