Preparing for Tax Season: Small Business Checklist

Tax season can be stressful for small business owners, but with the right preparation, you can avoid last-minute panic and ensure compliance. This checklist will help you get organized, minimize tax liabilities, and file accurately.

1. Gather Financial Records

Ensure you have all necessary documents, including:
✅ Income statements (profit & loss reports)
✅ Balance sheets
✅ Bank and credit card statements
✅ Expense receipts and invoices

2. Organize Tax Documents

Collect the required forms:

• 1099-NEC/MISC (for independent contractors)

• W-2s (for employees)

• Form 941/944 (for payroll taxes)

• Business tax return (Schedule C, 1120, or 1065)

3. Maximize Tax Deductions

Review deductible business expenses like office supplies, mileage, home office costs, and software subscriptions.

4. Check Estimated Tax Payments

Ensure you’ve made all quarterly tax payments to avoid penalties.

5. Review Last Year’s Tax Return

Comparing last year’s return can help identify overlooked deductions and ensure consistency.

Final Steps

✅ Verify tax deadlines
✅ Use accounting software like QuickBooks to streamline records
✅ Consider hiring a tax professional if needed

Preparing early for tax season can save time, reduce stress, and help you maximize deductions. Need help getting your books in order? Blue Rock CFO offers virtual bookkeeping services to keep your finances tax-ready year-round!