Do you know what to provide to your Tax Professional so they can file your Taxes? 

Business owners should be prepared to provide their tax professional with a variety of documents to ensure accurate tax filing. Here’s a checklist of key items typically needed:
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1. Business Financial Statements

• Profit & Loss Statement – Shows revenue and expenses for the year
• Balance Sheet – Lists assets, liabilities, and equity
• Cash Flow Statement – Details inflows and outflows of cash

2. Bank & Credit Card Statements

• All business bank accounts and credit card statements for the year
• Reconciled records to ensure accuracy

3. Payroll Records (if applicable)

• Employee wages and payroll tax payments
• 1099s for independent contractors
• W-2s for employees

4. Accounts Payable & Receivable Records

• Outstanding invoices owed to the business (Accounts Receivable)
• Any unpaid business expenses (Accounts Payable)

5. Business Expenses & Deductions

• Receipts for deductible expenses (travel, office supplies, advertising, etc.)
• Mileage logs if using a personal vehicle for business
• Documentation of business asset purchases and depreciation

6. Sales Tax Records (if applicable)

• Sales tax filings and payments made throughout the year

7. Loan & Debt Documentation

• Business loan statements
• Interest paid on loans (potential deduction)

8. Previous Tax Returns

• The prior year’s business tax return to compare and ensure consistency

9. Estimated Tax Payments

• Records of quarterly estimated tax payments made during the year

10. Business License & Entity Information

• Business registration details, EIN, and entity type (LLC, Corporation, Sole Proprietor, etc.)

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These documents help tax professionals file accurate returns, maximize deductions, and ensure compliance. If you work with a bookkeeper, they can help prepare and organize these records before handing them off to your tax professional!

Do you know when these items are due so that your taxes can be filed on time? 

​Tax professionals typically need all necessary documents well before the official tax filing deadlines to allow time for review, preparation, and submission. Here are general guidelines for when to provide your financial records:
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For Businesses Filing Taxes
✅ Sole Proprietors & Single-Member LLCs – Deadline: April 15

• Recommended document submission: By February 15 – March 1

✅ Partnerships & S-Corporations – Deadline: March 15

• Recommended document submission: By January 31 – February 15

✅ Corporations (C-Corps) – Deadline: April 15

• Recommended document submission: By February 15 – March 1

​Why Submit Early?

• Allows for thorough review to ensure accuracy
• Helps identify deductions and credits you may have missed
• Avoids last-minute rush fees some tax professionals charge for late submissions
• Prevents missing the tax filing deadline, which can result in penalties

Key Financial Documents to Prepare

• Profit & Loss Statement
• Balance Sheet
• Payroll Reports
• Business Expense Records
• Bank & Credit Card Statements
• Invoices & Receipts
• Prior Year Tax Return

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Tip: If your books are not up-to-date, consider working with a bookkeeper to organize financial records before handing them over to your tax professional. This will ensure a smooth and hassle-free tax filing process.