Tax season can feel overwhelming, but with proper documentation and a clear checklist, you can make the process much smoother. Whether you’re working with a professional or filing your own taxes, use this comprehensive 2025 tax checklist to make sure nothing gets missed.Income:
- Gross receipts from sales or services
- Sales records (for accrual-based taxpayers)
- Returns and allowances
- Business checking/savings account interest (1099-INT or bank statements)
- Other income (e.g., affiliate payments, rental income)
Cost of Goods Sold (If Applicable):
- Beginning inventory total (in dollars)
- Inventory purchases during the year
- Ending inventory total
- Inventory taken for personal use
- Materials and supplies used in production
Expenses:Advertising & Communication
- Marketing and advertising costs
- Landline, fax, or mobile phones used for business
- Computer and internet expenses
Transportation & Travel
- Local transportation (bus, Uber, taxis, etc.)
- Mileage logs or actual vehicle expenses
- Business travel (airfare, hotels, meals, tips) and internet expenses
- Internet expenses incurred during travel
Contractors & Commissions
- Amounts paid to subcontractors or freelancers
- Required Forms 1099-MISC and 1096
Depreciation
- Cost and date of purchase for assets
- Records of personal vs. business use
- Sales or disposals of business assets
Insurance
- General business insurance
- Errors and omissions (E&O) coverage
- Casualty loss coverage
Interest Expenses
- Mortgage interest on business property
- Interest on business loans
- Investment-related interes
Professional Services
- Legal, accounting, and consulting fees
Office Supplies
- Pens, paper, staples, printer ink, and other consumables
Rent Expenses
- Office space rent
- Business-use vehicle lease payments
Office-in-Home Deduction:
- Square footage of home used exclusively for business
- Total home square footage
- Mortgage interest or rent payments
- Home insurance
- Utilities
- Cost of home and improvements
- First date of business use
- Hours of use (for daycare providers)
Wages & Payroll Taxes:
- Form W-2 and W-3
- Federal payroll returns (Forms 940, 941)
- State payroll tax filings
- Federal payroll returns (Forms 940, 941)
- Employee benefit expenses (e.g., health insurance, retirement plans)
Contractors
- Amounts paid to independent contractors
- Filed Form 1099-MISC and 1096 as required
Other Business Expenses:
- Repairs and maintenance of office or equipment
- Equipment rentals
- Software subscriptions
- Bank fees
- Health insurance (self-employed or for partners/shareholders)
- Estimated tax payments made during the year
- Other eligible business-related costs
