The easiest way to simplify tax season is to stay organized all year, not just at filing time. A year-long tax document checklist helps you keep track of the forms, records, and receipts your business needs so nothing falls through the cracks.
Use the checklist below to keep your financial records organized year-round and make every tax season easier than the last.
Why a tax document checklist matters
The tax filing process can still pose many challenges, and just like your personal income tax return, paying small business taxes can be more difficult than you might anticipate.
Most small business owners and their accountants spend a lot of time chasing down tax documentation such as bills, receipts, and more. And the stakes are high: missing documentation can lead to fewer exemptions and potentially higher taxes.
For some companies, taxes aren't even over yet, companies that extended are facing tax deadlines this fall.
How can business owners, accountants, and tax professionals make the next tax deadlines easier? Start by automating AP, AR, and spend and expense management now so that finances are in order come next tax season. Our business tax preparation checklist is a great way to get started.
Not sure where to start with tax prep for your small business? Follow these steps—set up as a convenient checklist—to make sure you’re prepared for tax season.
The tax preparation checklist for businesses
Not sure where to start with tax prep for your small business? Follow these steps—set up as a convenient checklist—to make sure you’re prepared for tax season.
Step 1: Gather personal and business information
Taxes are going to be so much simpler if you have everything at your fingertips. Here’s what you’ll need on hand.
Personal information required for business taxes
Just like a personal tax return, business taxes require some personal details:
- Address
- Social Security number
- Federal tax ID number
- Identity Protection PIN (if applicable)
- Prior-year tax returns
If you’ve had your identity stolen in the past, you may have requested an identity protection PIN from the IRS. If so, you’ll need to use it every time you file your small business tax return in order to verify your ID.
Business information required for business taxes
Keep this tax document checklist handy throughout the year so nothing is missed at filing time.
Business income documents
- Accounting journals and ledgers
- Balance sheet
- Income statement
Business expense documentation
- Receipts for business and office expenses
- List of business tax deducions and tax credits
Payroll and employment tax documents
- Payroll reports
- Gross monhtly payroll
- Deductions helpd from gross wages
- W-9: Employee tax withholding
- I-9: Employee legal working status
- W-2: Wages and taxes
Contractor forms
Pro tip: BILL Accounts Payable can collect, create, and file 1099s—all in the same platform you use to manage AP.
Step 2: Know which business tax forms you need to file
The forms you need depend on your business structure—sole proprietorship, partnership, LLC, S corporation, or C corporation.
The IRS has a resource for small business tax forms to point you in the right direction.
You should also understand all of the tax responsibilities of a business owner. This includes:
- State and federal income tax requirements
- Employment and excise taxes (the IRS has excise tax details here)
- Eligible deductions and credits
- Filing deadlines (and whether an extension is needed)
Step 3: Use automation to digitize income and expense records
During tax prep, you’ll reference income and expenses repeatedly. Manually tracking this information slows everything down and increases the risk of errors.
Smart accounting and financial automation tools digitize bills, invoices, payments, and receipts as they come in. Everything stays organized in one system, so you’re never searching through emails, spreadsheets, or folders to find what you need.
With permission-based access, accountants and auditors can review records anytime, keeping your business audit-ready all year long.
Why smart software makes tax prep easier
Since you have to file taxes, you might as well make it as easy as possible. Manual processes are not only slow and inefficient, but they end up costing your business more when there are mistakes.
Automating financial operations helps small businesses:
- Automatically digitize and organize tax documents
- Track every AP and AR transaction with full visibility
- Reduce errors and improve compliance
- Eliminate data silos across systems
- Collaborate easily with accountants and advisors
Year-round benefits beyond tax season
Digital financial workflows make taxes easier every month of the year, not just during filing season. Real-time spend tracking and automated documentation free up time for higher-value work.
With BILL, every step from invoice entry through payment is tracked, keeping your business audit-ready at all times. You can also manage corporate cards, budgets, and real-time spend in one place, without waiting for end-of-month statements.
What about accountants?
Accountants may not need a tax prep checklist, but they do need accurate, complete financial data from their clients.
The BILL Accountant Console and Accountant Advisor Program help accounting firms manage AP and spend for multiple clients—while creating opportunities to offer advisory services that strengthen client relationships.
Check out this case study about how the firm Lescault & Walderman were able to build a more efficient CAS practice with help from BILL.
A tax prep checklist is just the beginning
A tax document checklist helps you know what to gather but automation ensures everything is ready when it matters most.
By digitizing your financial operations with BILL, you’ll have tax documentation organized before filing even begins. From AP and spend management to 1099 filing, BILL helps small businesses simplify tax prep and stay organized all year long.
Put tax season on easy mode. Learn how BILL can help you prepare for taxes and streamline your financial operations year-round.
Disclaimer: This content is for informational purposes only and does not constitute tax advice. Please consult your CPA or tax advisor for guidance specific to your situation.
