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TAX PREP CHECKLIST

INDIVIDUAL TAX

BUSINESS TAX
(Single Member, U.S. Return of Partnership & Multi-member LLC)

U.S CORPORATION TAX

​​Personal Information

Ensure you have these key details ready:

  • Full name

  • Dependent's Full name, SSN, Date of Birth and Relationship 

  • Social Security Number (SSN) or Taxpayer Identification Number (TIN)

  • Current address

  • Primary contact phone number

  • Bank account & routing number (for direct deposit refunds)

  • Occupation

  • Filing status (Single, Married, etc.)

  • Identity Protection PIN (if applicable)

Income Documents

Collect all necessary records of income earned throughout the year:

  • W-2 Forms – For wages received from employers

  • 1099 Forms – Includes freelance work, contract jobs, dividends, interest, and more

  • Bank & brokerage statements – Covers capital gains, dividends, and interest earned

  • Rental income records – If applicable

  • Unemployment income (Form 1099-G)

  • Social Security benefits (Form SSA-1099)

  • Retirement distributions (Form 1099-R)

Deductions & Credits

Maximize your savings by gathering supporting documents for deductions and credits:

  • Mortgage interest statement (Form 1098)

  • Property tax payment records

  • Student loan interest statement (Form 1098-E)

  • Tuition payments (Form 1098-T)

  • Charitable donation receipts

  • Medical expenses (if applicable)

  • Self-employed business expenses

  • Childcare expenses (include provider details)

  • Energy-efficient home improvement receipts (for potential tax credits)

Additional Documents

  • Last year's tax return (for reference)

  • Estimated tax payments made during the year

  • State & local tax paid

  • IRS or state tax notices received

​

​Business Information

Ensure you have the foundational records in place:

  • Business Name (as registered)

  • Employer Identification Number (EIN) (if applicable)

  • Business Registration Documents (DBA, LLC formation papers, etc.)

  • Business Bank Account Details (separate from personal accounts)

Income Records

Maintain a clear record of all business earnings:

  • Total Business Revenue from all sources

  • Client Invoices & Payment Receipts

  • Bank Statements showing deposits

Expense Documentation

Properly tracking expenses helps maximize deductions:

  • Receipts for Business Purchases (office supplies, utilities, equipment, etc.)

  • Rent or Lease Agreements (for office or workspace)

  • Travel & Mileage Logs (if using a personal vehicle for business)

  • Advertising & Marketing Expenses

  • Payroll Records (if applicable)

  • Contractor Payments (Form 1099-NEC for freelancers hired)

Tax Forms & Filings

Stay ahead with tax-related documents:

  • Quarterly Estimated Tax Payments (if applicable)

  • Sales Tax Records (if your business collects sales tax)

  • Payroll Tax Filings (if you have employees)

  • 1099 Forms issued to contractors

  • Last Year’s Tax Return (for reference)

Deductions & Credits

Optimize tax savings with relevant records:

  • Home Office Expenses (if applicable)

  • Business Insurance Premiums

  • Depreciation Records (for equipment/assets)

  • Retirement Plan Contributions (SEP IRA, Solo 401(k), etc.)

Legal & Compliance

Ensure your business remains compliant:

  • Business Licenses & Permits

  • Contracts & Agreements (with vendors/clients)

  • Liability Insurance Policy

Accounting & Financial Management

Keep your financials in order for better business decisions:

  • Profit & Loss Statements

  • Balance Sheets

  • Bank Reconciliation Reports

  • Financial Software or Bookkeeping Records

​Business Information

Ensure you have the foundational records in place:

  • Employer Identification Number (EIN) registered with the IRS

  • List of states where your business operates and state tax ID numbers

  • Copy of Articles of Incorporation or Bylaws, including amendments

  • IRS acceptance letter for S Corporation election (Form 2553)

  • Last year’s federal, state, and local tax returns

  • Records of estimated tax payments made throughout the year

Shareholder Information

  • Name, address, and SSN/EIN of each shareholder

  • List of each shareholder’s stock ownership

  • Reports of capital contributions, withdrawals, or loans

  • Compensation and benefits reports, including medical and life insurance costs

  • Documentation of any ownership changes during the tax year

Financial Records

  • Trial balance report from company books

  • Bank and credit card statements supporting business expenses

  • Copies of Forms 1099 and W-2 issued to employees and contractors

  • Reports detailing payroll taxes paid (Forms 940 & 941)

  • Inventory reports, including cost of goods sold and year-end values

Asset Records

  • Prior year depreciation schedules for business assets

  • Purchase details for new assets acquired during the tax year

  • Sale details for disposed assets, including accumulated depreciation

  • Mileage logs for business vehicles

  • Reports of business use percentage for vehicles and related expenses

Tax Forms to File

  • Form 1120-S (S Corporation Income Tax Return)

  • Schedule K-1 (Shareholder’s Share of Income, Deductions, Credits)

  • Form 941 or 943 (Employment Taxes)

  • Form 940 (Federal Unemployment Tax)

  • Form 1040-ES (Estimated Tax for Shareholders)

If you have any questions about the required tax documents, feel free to reach out to us. We're here to help!

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