Consider available accounting software if you want to make the process easier. The easiest way to avoid stress when filing taxes is to keep data in order.

Mortgage interest or rent payment costs.

Total square footage of the house or apartment.

Total office square footage used to perform business activities.

Total deductions collected from employee gross wages.

1099-MISC that includes a summary of fees and payments for contractual workers.

1099 Form on all contractors/subcontractors, professional services.

All W-2 Forms on wage and tax statements for all employees.

I-9, Employment Eligibility Verification that provides the IRS with information about employee legal working status.

W-9 Form on every employee and employee tax withholding certificates.

Collect documents, including individual, group plans, company vehicle, track insurance, and any other company insurances. Documentation should include depreciation schedules of each asset to deduct depreciation costs.

Fees paid to get professional services, including accountants, bookkeepers, consultants, lawyers, etc.

Includes any expenses a small business uses to promote the company’s services. Includes expenses needed to operate a business and generate income, such as rent, utilities, subscription-based services, like accounting software, antivirus, etc.

Entertainment and travel expenses include any business-related costs that can be written off as deductions.

All receipts are categorized as follows: supplies, general office supplies.

Bank account statements and deposit slips īusiness-related costs information and documents:.

Financial transactions support documents.

Financial records, including balance sheet and single-step or multi-step income statement.

Previous year’s tax return - may need up to three years based on the IRS rules.īusiness income taxes information and documents:.A company has to provide the following information. A responsible person should collect basic and business information so the accountant can do necessary calculations, deductions, fill out forms, etc. Gather InformationĪ small business has a lot of documents to prepare to calculate income, expenses, deductions, etc. Check out the article we prepared about data and documentation businesses have to collect to file taxes for 2022 successfully. Whether you want to file taxes on your own or seek assistance, it’s still necessary to prepare for taxes. Business or corporation owners can ask for business tax preparation help from professional accountants.

There are a lot of documents to collect and calculations to do to fill out and file taxes. Business tax preparation can be overwhelming.

Preparing taxes for small business