Every year you'll see business owners stress about how it's tax season again. Despite what you may have heard, tax season doesn't have to be a yearly struggle! Knowing what you need to prepare can make tax season a breeze!
Before you begin to prepare your income tax return, go through the following checklist. When you're ready to meet with your tax advisor at Fidelis Tax & Accounting, you'll be surprised at how much time you'll save by organizing your information beforehand.
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Personal Information
Let's start with the obvious items on any tax prep checklist.
Last year's taxes, both your federal and — if applicable — state return. These aren't strictly necessary, but they're good refreshers of what you filed last year and the documents you used.
Social Security numbers for yourself, your spouse, and all dependents. Remember, in addition to children, dependents can include elderly parents and others.
Income
Personal income
W-2 (for you and your spouse)
1099-MISC for each job (if self-employed)
Unemployment Income Or State Or Local Refunds
Form 1099-g
Investment Or Interest Income
1099-INT
1099-DIV
1099-b
Schedule K-1
Home or Property Sale
Form 1099-S
Pension/IRA/Annuity
Form 1099-R
Social Security/RRB Income
SSA-1099
RRB-1099
Trust And Estate Beneficiary Earnings
Form 1041
Schedule K-1
HSA And Long-term Care Reimbursements
Forms 5498-SA (contribution tax document)
1099-SA (distribution tax document)
Business Information
Filing based on Business Structure
If you're a sole proprietor, attach a Schedule C Form to your income tax return, or use a 1099-MISC
If you're a C-corporation, use Form 1120
If you have S-corporation status, use Form 1120S
If you're in a partnership, file Form 1065 as an informational return and submit your share of the business's expenses, income, and losses on Schedule K-1
Taxpayer Identification Number (EIN or SSN)
Contract labor
Forms 1099-MISC and 1096
Income Statement
Balance Sheet
Receipts
Bank Statements
Credit Card Statements
Payroll Documents
Last Year's Business Tax Return
Partnership Agreements
Accounting Documents
Asset Purchase Details
Utilities
Computer & Internet Expenses
Repairs/Maintenance
Supplies
Good luck and happy organizing! If you're feeling overwhelmed, realize that getting organized is often the most difficult tax preparation step. After you've collected all the appropriate tax documents, it's time to review your documents with your tax advisor and start filing.