Small Business Checklist

Small Business/Schedule C Checklist

  

Gross receipts or sales

Cost of goods sold which includes:

  • Inventory at beginning of year        Purchase of inventory
  • Inventory at end of year                Other inventory costs

  

A list of all ordinary and necessary expenses relating to your business listed by category

Assets and equipment purchased in the tax year for your business with the following information:

  •    Date of purchase
  •    Date put into service for your business
  •      Full description of item purchased
  •      Business use percentage
  •      Sales price of item

Did you sell or take any equipment out of your business during the tax year? Was a vehicle traded in? We need to know this information and the details.

For business vehicles, we will need to know the following information:

  •     Description of vehicle
  •     Total miles for the year (Actual, not an estimate)
  •     Total business miles for the year (Actual, not an estimate)

    YOU NEED TO KEEP EVIDENCE TO SUPPORT YOUR MILEAGE IN CASE OF AUDIT (LOG BOOK, CALENDAR)

   
  
 
 





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