Workflow Templates: Tax Preparation Checklist

Gather all sales records, receipts, invoices, and cash register tapes.

Compile records of all business expenses, including rent, utilities, and services.

Organize receipts for business-related purchases and services.

Collect all payroll reports for the year.

Ensure W-2 forms have been distributed to employees and W-3 has been filed.

Gather records of employee benefits and contributions to retirement plans.

Conduct a year-end inventory count for accurate cost of goods sold calculation.

Compile records of asset purchases or sales, such as equipment or vehicles.

Review and update depreciation schedules for business assets.

Collect all tax forms received, such as 1099s, and check for accuracy.

Ensure all relevant state and local tax filings are accounted for.

Verify that all required estimated tax payments have been made throughout the year.

Gather all monthly bank and credit card statements for the year.

Reconcile statements with bookkeeping records to ensure accuracy.

Identify and categorize any business-related interest expenses.

Review potential deductions such as travel, entertainment, and home office expenses.

Identify any tax credits your business may be eligible for.

Organize receipts or documents that substantiate deductions and credits.

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Tax Preparation Checklist