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The Documentation You Need For Tax Time


If you are DIY’ing your taxes (or working with an accountant but don’t have this information yet), I want to give you a sense of what you need to get together so that you can feel in control when tax season rolls around this year. Preparing your tax documents ahead of time will save you a world of stress during tax time. 

Watch the video above to learn what tax documents apply to your business. Here are some of the main points for your reference as well: 

What Form Do I Need? 

  • Sole Proprietor / LLC – Schedule C to your personal tax return 
  • C Corporation – Form 1120 
  • S Corporation – Form 1120-S 
  • Partnerships – Form 1065 

Review Your Accounting Records 

Before you gather your information, make sure: 

  • All of your transactions (revenues and expenses) are in your accounting system 
  • You’ve reconciled your accounting system with your bank statements 

Gather Your Income Documents 

  • Profit/Loss (Income) Statement 
  • Form W-2s from wage income 
  • Form 1099s 
    • 1099-A – Canceled Debt 
    • 1099-B – Sale of Securities / Bartering  
    • 1099-C – Debt Settlement 
    • 1099-DIV – Dividends 
    • 1099-G – Unemployment Income, Tax Refunds or other Credits from the Government 
    • 1099-INT – Interest 
    • 1099-MISC – Catch-all 
    • 1099-NEC – Contractor Income 
    • 1099-S – Sale of Real Estate 
  • Documentation for all other sources of income 

Gather Your Expense Documents  

  • Detailed Breakout of Business Expense Categories 
  • Bank and Credit Card Statements (maybe) 
  • Payroll documents 
  • Documents supporting deductions with special rules (meals, gifts, travel) 
  • Mortgage interest statement (1098) 
  • Student loan interest statement (1098-E) 
  • Documentation supporting other deductions and credits 
    • Childcare or Family Care expenses 
    • Retirement contributions 
    • Alimony paid 
    • Teacher expenses 
    • Dependent information 
    • Charitable contributions 

Other Documents You May Need 

  • Last year’s tax returns 
  • Partnership agreements 
  • Copy of your Driver’s License 
  • Documentation of Tax Payments made during the year 

A Few Reminders 

  • If you paid for business expenses out of your personal account, make sure to include them in your business calculations (and have good documentation) 
  • You can likely deduct expenses for your home office! You’ll need documentation for your mortgage/rent, utilities and maintenance 
  • You can extend your tax return deadline to October 15th but you MUST file this extension by April 15th. An extension of time to file is NOT an extension of time to pay. 

The biggest mistake you can make is to not file your tax return. Even if you owe (and can’t pay) still file your tax return! If you’re fairly new to business and want more tax awareness, check out this post about the basics of small business taxes.