Small Business Tax Prep List
Rely on our team of Phenomenal Swift Advisors certified small business tax pros to get your taxes right and keep your business on track.
To help you feel confident about your business taxes, we’re here for you throughout the year and at tax time when you’re ready to prepare your business return 🦅
Running your business on your own? Not sure what documents you need to file? You've come to the right place!
Income
Be sure to include all income sources when creating your small business checklist. This could include income from your day-to-day operations as well as any investment or ancillary income.
- Gross receipts from sales or services
- Sales records for accrual-based taxpayers (accounts receivable)
- Returns and allowances
- Business checking/savings account interest (1099-INT or statement)
- Other income, including rental income, federal and state gasoline or fuel tax credit or refund
Cost of Goods Sold
Some categories may not apply each tax season, so you should only include what applies for 2022 on your small business tax checklist. If you produce, purchase, or sell merchandise in your trade or business, you’ll need to take your inventory into account at the beginning and end of the year.
- Beginning inventory total dollar amount
- Inventory purchases
- Ending inventory total dollar amount
- Items removed for personal purposes
- Materials and supplies
Expenses
A wide range of costs can fall under applicable business expenses. Don’t miss recording any of these on your small business tax preparation checklist. Our tax pros will help you find each and every deduction you deserve.
- Advertising
- Phones (landline, fax or cell phones related to business)
- Computer & internet expenses
- Transportation and travel expenses
- Local transportation – Did you take any business trips this year? You’ll want to include your mileage along with any car and truck expenses. For public transportation, parking and tolls, you should include your contemporaneous log (recording of transactions as they happen) or receipts.
- Travel away from home – You should account for mileage or actual expenses if you drove – or airfare for any flights. Be sure to include costs for hotels; meals and tips; and taxi fares and tips. Remember to include any miscellaneous expenses, such as your internet access (hotel, internet café, etc.).
- Commissions and fees
- Contract labor expenses paid to subcontractors and independent contractors
- 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
- Documentation of prior-year depreciation
- Amortization of intangible assets (e.g., patents or copyrights held)
- 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, cost of separate improvements and first date of business use
- Wages paid to employees
- Employee benefit expenses
- Other expenses
- Repairs, maintenance of office facility, etc.
- Estimated tax payments made (including property taxes and sales taxes if applicable)
- Other business–related expenses
- Health insurance – Whether you’re a sole–proprietor who is covering their family, a partner or you have S corporation shareholders, you’ll want to account for premiums paid on behalf of those individuals. Also, you should gather information on your spouse’s employer provided insurance if applicable.
Small Business Checklist – Additional tasks
Make sure you’ve completed all related tax issues such as:
- File Form 1099-NEC and Form 1096
- File Form W-2 and Form W-3
- File federal and state payroll returns (Form 940, 941)
Need Live Support? Call us at +1(346)-425-5123 or schedule an appointment by email at info@phenomenalswifttaxes.com or click schedule a consultation above.
Many Americans Have Taxes & Cash Flow Issues
The Challenge
Cash flow can affect numerous businesses across the USA with 82% of small businesses citing failure due to taxes and cash flow issues. The challenges of US tax struggles make it difficult for a business to stay afloat and the same issues can reflect back onto the general public as well. Managing these cash flow issues and putting your finances on the right track for the future often means speaking to the right tax professional today.
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We are a team that has the right financial expertise to help you with your money struggles and to put you on the path to success with your finances. We can put you into a position of financial security through proper planning. We partner with business owners and individuals to assist with ongoing tax needs and to make sure your future financial goals can be aligned with your taxation requirements.
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Our team can provide you with clarity on your finances and ensure that your tax data will make sense. We can help you understand your tax data and improve financial decision making.
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We are experts in the field of finances and tax law. We can help you reduce financial burdens in your life and maximize your tax savings.
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Our tax assistance can help you conveniently manage your taxes over time and assist with the process of managing your business when tax season begins. Rather than having the burden of taxes hanging over you, let our team assist you today.
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We can keep you compliant with taxing authorities related to your business or personal taxes.
Meet Tamaria Turner & Jessica Miles
It’s a family affair! Tamaria Turner and Jessica Miles both have a strong sense of purpose that drives them to make a difference in the lives of others. Each deciding, together to take on businesses that have service at the very core.
Phenomenal Swift Tax Services, which opened in 2014 is dedicated to educating the community in financial literacy and the staff is known for being reliable and available. Their team has several decades of experience in the financial industry with a solid background in tax preparation which allows them to service both large and small businesses with tax preparation and financial readiness. Having two locations, one in Baton Rouge, LA and the other in Houston, Tx, Phenomenal Swift Tax Services is reaching the masses.
Their second company, Phenomenal Ladies Vaginal Steam was birthed, almost intuitively out of the adversities that Tamaria and Jessica had to face. Stress, loss and other women’s health issues caused them to search for ways to heal and move forward; and vaginal steaming proved to be beneficial for healing and hope in body, mind and spirit. Wanting to share this healing with other women, they decided to create a relaxing and safe environment for others who may be dealing with issues such as depression, hormonal issues, postpartum recovery and other health issues.
Contact Tamaria and Jessica today to learn more about what each business can do for you, and as always, welcome to the family!