Business Owners Resources

Tools for Business Owners

Business Owners Checklist

- Expense related documents (if not reported on the financial statements)

  • Cost of goods sold, if applicable
  • Rental expenses and/or real estate expenses
  • Amounts of any estimated tax payments
  • Vehicle information and use, including vehicle leases
  • Advertising
  • Transportation and travel expenses
  • Commissions paid to subcontractors
  • Business insurance
  • Interest expenses
  • Professional fees
  • In-home office expenses
  • Wages paid to employees
  • Any other expenses

- General information

  • List of all business owners: names, social security numbers, addresses, percent of ownership, date ownership acquired, and detail of distributions
  • Prior year tax return
  • Copy of current year financial statements, including the balance sheet, income statement, and general ledger
  • IRS and Department of Revenue correspondence received in the previous year
  • List of any business-related activities in other states

- Income information (if not reported on the financial statements)

  • Gross receipts from sales or services
  • Sales records
  • Returns and allowances
  • Form 1099-DIV for dividends and Form 1099-INT for interest income
  • Schedule K-1 for income from partnerships, S corporations, estates, or trusts
  • Details of fixed assets and depreciation schedules

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