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Financial Planning Insights

Small Business Tax Preparation Checklist

By Chandler and Knowles | | 0

It's that time of year - tax time! A major component of proper and timely filing of your small business tax return is getting organized. Many small business owners are not ready when tax time rolls around and a tax preparation checklist can assist with knowing where to start.

Getting Started With This Tax Prep Checklist

Even if you have kept up with bookkeeping throughout the year, gathering the necessary information for your tax return can be daunting. Important information to start with includes:

1. Income

Prepare a file with a Statement of Activity from your bookkeeper or accounting software, bank statements, any 1099 forms you may have received for subcontract work, interest earned, gross receipts, accounts receivable reports, records for assets you sold or purchased, and any other type of income. Also include any bad debt that is non-collectable as this can be used 

2. Expenses tax planning

There are a plethora of expenses that are eligible to be claimed as small business tax deductions. It is key to have proof of the expense and to make certain it is considered a business expense by the IRS. Items to consider are as follows:

  • Advertising (including flyers, social media, business cards; travel expenses)
  • Employee expenses (wages, benefits, unemployment and wage taxes)
  • Contractors, subcontractors, consulting, and accounting fees
  • Office rental, supplies, software
  • Home office deduction items (mortgage, square footage used, utilities, HOA fees, homeowners or renters insurance)
  • Legal costs
  • Subscriptions for business related journals, online software for accounting, business supply ordering (like Amazon Prime)
  • Payroll services
  • Interest paid for business loan or credit cards, bank service fees, vehicle costs; cell and landline expenses as well as internet and more. 
  • Any bad debt that is noncollectable as this can be used as a deduction.


A CPA can help your small business with determining allowable expenses and point out any expenses you may have missed.

If you have inventory, you will need all the pertinent details including current inventory as well as changes whether it be additions or subtractions during the year.

Organize any records you have of estimated taxes you have paid throughout the tax year to avoid paying too much in taxes.

Gather any other helpful items such as last year's return, incorporation paperwork, EIN #, accounting reports, depreciation from previous years, etc.

Schedule a Tax Prep Consultation Today

While it can seem overwhelming at first, using this checklist will get you in order and make the process easier - no more bringing in a shoe box full of receipts. In addition, Chandler & Knowles, CPAs can give you the expert attention and advice you will need to ascertain that your tax refund is done correctly and efficiently. Our professional tax services will make life less taxing. Call us today to get started right away: (817) 533-8568.

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Posted in Small Business, Tax Preparation

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About Chandler & Knowles CPAs:

Chandler & Knowles CPAs is dedicated to serving our clients with an integrated approach to financial success for businesses, families and individuals. Our knowledgable team is committed to providing you with the most detailed information to answer your biggest financial questions and to help make your life less taxing.

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