Income
- Gross receipts from sales or services
- Sales records (for accrual based taxpayers)
- Returns and allowances
- Business checking/savings account interest (1099-INT or statement)
- Other income
Cost of Goods Sold (if applicable)
- Inventory
- Beginning inventory total dollar amount
- Inventory purchases
- Ending inventory total dollar amount
- Items removed for personal purposes
- Materials & 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, 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, and other consumables
- Rent expense
- Office space rent
- Business-use vehicle lease expense
- Other
- Office-in-home
- 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 [This needs to be left-aligned with “Wages paid to employees”]
- Contractors
- Form 1099-MISc
- Form 1096
- Other expenses
- Repairs, maintenance of office facility, etc
- Estimated tax payments made
- Other business related expenses
- Health insurance [This needs to be left-aligned with “Other expenses”]
- 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