top of page

2021 Tax Preparation Checklist for Businesses

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.

Click here to get the entire checklist sent directly to your inbox, and save it for later!

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.


  • 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


  • 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.

Work with a tax pro at Fidelis Tax & Accounting to help you finish the process and form a plan for your business in 2021.

58 views0 comments

Recent Posts

See All

2020 Tax Season Update

Some of you have reached out to discuss the status of your tax returns. We felt it best to send a not to update you on the happenings within the wonderful world of tax. 2020 continues to be one for th


bottom of page