Business Tax Prep Checklist for Freelancers, Contractors, and 1099 Workers

Gather all of your business tax information here, and the hardest part of doing your taxes is done. Whether you DIY your taxes or go to a tax pro, this is what you’ll need to have on hand.

  • Copy of last year’s tax return
  • Your business tax ID number (if different than your Social Security number)
  • Business bank statements
  • Business credit card statements
  • Business loan statements
  • Business financial statements: Balance Sheet and Profit & Loss Statement
  • IRA or other retirement plan contributions made during the tax year
  • Self-employed retirement contributions
  • Self-employed health insurance premium payment records
  • HSA (Health Spending Account) contributions and distributions
  • FSA (Flexible Spending Account) contributions and distributions
  • 1099-MISC (for your freelance income, royalties, etc.)
  • Records for every payment you received through any source:
    • Check, cash, or credit card
    • Direct deposit
    • Wire transfer
    • PayPal
    • Gusto
    • Bill.com
    • Accounting (billing) software like QuickBooks or Wave
    • Square
  • Documentation for any contractors you paid and the 1099s you sent for anyone you paid more than $600
  • Mileage log (for things like client meetings, trips to the post office, etc.)
  • Meal receipts along with details of the business reason for the meal and who was present
  • All expense receipts or other proof of expenses paid (credit card statements, bank statements, expense logs, etc.) including:
    • Phone bills
    • Business gifts
    • Marketing and marketing research
    • Business-related education (EFA courses count)
    • Professional dues (your EFA membership fee)
    • Professional licensing fees
    • Business equipment (laptop, dedicated phone, printer, etc.)
    • Web hosting
    • Web subscriptions (like for stock photos or accounting software)
    • Reference books
    • Office supplies
    • Business fees (for annual LLC fees, business permits, etc.)
  • Estimated tax payments you made for
    • Federal
    • State
    • Local

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