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