Tax documents for small business owners (LLC or S corporation)
If you run an LLC or S corporation, your preparer needs the books for the whole year plus the paperwork that ties the business to you personally: owner pay, distributions, loans and the home office. Sending it in one organized batch avoids weeks of back-and-forth questions.
Income documents
- Profit and loss statement and balance sheet for the year from your bookkeeping system
- Forms 1099-NEC, 1099-K or 1099-MISC received by the business, where issued
- Sales or invoice reports by customer, so revenue can be checked against deposits
- Business bank and credit card statements for all twelve months
- Records of any other income, such as interest, rebates or grants
Expenses and receipts
- Receipts or reports for large purchases and equipment, with purchase dates
- Rent, utilities and insurance statements
- Payroll reports and quarterly payroll filings, if you have employees
- Contractor payments, with a W-9 on file for each one
- Vehicle logs or records for business use of a car
- Professional fees, software subscriptions and licences
Other records to gather
- Owner pay and distributions for the year, and how each was recorded
- Loan statements and any money you put into or took out of the business
- Prior-year return and any IRS or state notices
- Entity documents, such as the operating agreement and EIN letter
- Sales tax returns filed, and state registrations
- Home office size and cost details, if you use that deduction
Common mistakes to avoid
- Paying personal expenses from the business account with no note of what they were
- Owner pay and distributions mixed together in the books
- No W-9 for a contractor who must receive a 1099
- Bank accounts that were never reconciled, so the year-end figures are a guess
- Loans to or from the owner with no paperwork
Frequently asked questions
Why does my preparer need statements if I have bookkeeping software?
Software reports are only as good as what was recorded. Statements let your preparer confirm that the books match the bank and catch missing or miscategorized items.
What is the difference between owner pay and distributions?
How an owner is paid depends on the entity type and how it is taxed, and each type is recorded differently. Ask your preparer how yours should be handled before the year ends.
Which contractors need a 1099?
Generally businesses file a 1099-NEC for non-employee payments of $600 or more in a year to a contractor, with some exceptions. Collecting a W-9 before the first payment makes this easy.
Related checklists
This is a general checklist to help you gather paperwork, not tax or legal advice. Rules and thresholds change and depend on your situation, so confirm details with a qualified preparer or the IRS.