For Businesses

Income

• Gross receipts from sales or services

• Sales records

• Returns and allowances

• Business checking/savings account interest (1099-INT or statement)

• Other income

Cost of Goods Sold

• Inventory

• Total dollar amount of beginning inventory

• Inventory purchases

• Total dollar amount of ending inventory

• Items removed

• Materials and Supplies

Expenses

• Advertising

• Phones (landline, fax or cell phones related to business)

• Computer & internet expenses

• Transportation and travel expenses

  • Local transportation

    • Business trip (mileage) log

    • Contemporaneous log or receipts for public transportation, parking, and tolls

  • Travel away from home

    • Airfare or mileage/actual expense if drove

    • Hotel

    • Meals, tips

    • Taxi, Uber, tips

    • Internet connection (hotel, Internet café etc.)

    • Other

  • Commissions paid to subcontractors

    • File Form 1099-MISC and 1096 as necessary

  • Depreciation

    • Cost and first date of business use of assets

    • Records relating to personal use of assets

    • Sales price and disposition date of any assets sold

  • Business insurance

    • Casualty loss insurance

    • Errors and omissions

    • Other

  • Interest expense

    • Mortgage interest on building owned by business

    • Business loan interest

    • Investment expense and interest

  • Professional fees

    • Lawyers, accountants, and consultants

  • Office supplies

    • Pens, paper, staples, glue, stickers, and other consumables, etc.

  • Rent expense

    • Office space rent

    • Business-use vehicle lease expense

    • Other

  • In-Home Office

    • Square footage of office space

    • Total square footage of home

    • Hours of use, if operating an in home daycare

    • Mortgage interest or rent paid

    • Homeowner's or renters' insurance

    • Utilities

    • Cost of home, separate improvements and first date of business use

  • Wages paid to employees

    • Form W-2 and W-3

    • Federal and state payroll returns (Form 940, Form 941, etc.)

      • Employee benefit expenses

      • Contractors

      • Form 1099-MISc

      • Form 1096

  • Other expenses

    • Repairs, maintenance of office facility, computers, etc.

    • Estimated tax payments made

    • Other business related expenses

      • Health insurance

      • Premiums paid to cover the sole-proprietor and family

      • Premiums paid on behalf of partners and S corporation shareholders

      • Information on spouse's employer provided insurance