We’re sure you’ve heard the saying, “God is in the details.” Unfortunately, every year the IRS is in your details, and at a level that makes everyone a little panicky. However, just keeping minimally organized before you come see us will make all of this go smoother.

We’ve put together a Business Tax Preparation Checklist to help you gather all the information you’re going to need to properly prepare your upcoming tax filing. Some of these items are for registered businesses, some for independent contractors.

If you have any questions at all, give one of our tax professionals a call at 310-398-3231.

Income

• • Gross receipts (sales and/or services)
  • Sales records (if accrual based)
  • Returns and allowances
  • Business checking/savings account interest • All other income

Cost of Goods Sold (if applicable)

• • • Inventory
    • Beginning inventory (total dollar amount)
    • Inventory purchases
    • Ending inventory (total dollar amount)
    • Items removed for non-revenue purposes

Expenses

• • Advertising
  • Auto expenses (business mileage & actual expenses)
  • Bank fees
  • Books & Publications
  • Business Gifts (not to exceed $25/person)
  • Contract Labor (commissions paid to contractors
  • Dues & Subscriptions
  • Fixed Assets (purchase price & date placed in service)
  • Interest
  • Internet expense
  • Legal & professional fees
  • Local transportation (taxis, Uber)
  • Meals & Entertainment (including travel meals)
  • Office expenses
  • Postage & Shipping
  • Promotional expenses
  • Rents (office space, equipment)
  • Repairs & maintenance
  • Research
  • Salaries & wages (paid to employees on payroll)
  • Telephone (Landline, fax, mobile)
  • Travel (hotels, flights)