Sole Proprietor Tax Preparation Checklist
Working for yourself comes with plenty to keep track of. Start with your income and expenses, and we will help you work through the rest.
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Start with the records you already have.
Download the checklist, mark what you already have and add the questions you want us to cover. Use it on your device or print a copy—whichever feels easier.
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Your information stays with you
The checklist stays on your device unless you choose to share it with us. Remember to save the file after adding your notes.
Leave Social Security numbers, PINs, passwords and bank details out of your notes. When documents are needed, we will show you how to share them securely.
Start here
- Previous business tax schedules
- Income and expense records
- Questions about missing or mixed personal and business records
Missing something or not sure what a term means? Ask us. You do not need a completed checklist before we talk.
What to gather
Open the sections that fit your situation, or download the PDF to work through them offline.
Start with your business
- Describe each business activity, including when it started, paused, was sold or closed.
- Bring previous business tax schedules, depreciation schedules and carryforward records.
- Note how you keep your books, where you operate and any changes in state.
- List the banks, payment apps and sales platforms you use. Leave account numbers out of this checklist.
- Tell us about an LLC tax election, a spouse who co-owns the business or anything else that may affect the return type.
Money your business received
- Gather sales reports, invoices and cash-payment records, including income without a tax form.
- Bring Forms 1099-NEC, 1099-MISC and 1099-K, and payment-platform statements, where issued.
- Bring any reports matching sales to bank deposits, refunds and payment-processing fees. Let us know if these are not ready.
- Point out transfers, loans, money you put into the business and personal transactions that are not customer payments.
- Tell us about duplicate reporting, corrected statements or amounts you dispute.
Business expenses and people you paid
- Group expense totals by category and keep the supporting receipts or invoices.
- Separate personal and partly personal costs. Money leaving a bank account is not always a business expense.
- Gather contractor-payment records, securely stored Forms W-9 and copies of information returns.
- If you have employees, bring payroll records and payroll returns.
- Gather records for insurance, rent, software, professional fees, supplies and other operating costs.
- For business travel and meals, include receipts, dates and the business purpose.
Vehicles, home office and stock – if applicable
- Bring dated business-mileage logs, total annual mileage and vehicle purchase or lease documents.
- Gather vehicle expenses and any records of the deduction method used in earlier years.
- For a home-office review, bring workspace and home measurements, how the space is used and household expense records.
- If you sell goods, gather inventory counts, purchases and cost records.
- Gather startup costs and expenses paid before the business opened.
Equipment, loans and business changes – if applicable
- Bring your previous depreciation schedules and a list of business assets you still own.
- Gather purchase invoices for equipment, vehicles, software and improvements, with the dates you started using them.
- Include records for assets sold, traded in, disposed of, damaged or lost during the year.
- Gather loan agreements, year-end balances and statements separating principal repayments from interest.
- Bring mileage logs and other business-use records. Let us know about any personal use.
- Tell us about a business purchase, sale, restructure or large one-time transaction, and bring the agreements.
Your household and tax payments
- Use the Individual Tax Preparation Checklist for your household’s other income and records.
- Gather estimated federal and state payment confirmations and records of tax withheld from other income.
- Bring self-employed health-insurance and retirement-contribution records, if applicable.
- Tell us about work in other states, overseas activity or unusual transactions so we can agree on what is needed.
Before we get started
- Make a short list of anything missing or being corrected, and when you expect it.
- Tell us early about tax letters, deadlines or questions from a previous year.
- We will confirm which returns and states we are handling, including any owner returns or bookkeeping cleanup.
- Ask us how to share documents securely and confirm who can approve the work.
- We will explain the next steps for questions, reviewing your return, signatures and filing confirmation.
This is a general preparation guide. We may ask for additional records for your circumstances; the checklist does not determine tax eligibility or replace individual advice.
Your books do not have to be perfect before we talk.
Bring what you have. We’ll help you identify the gaps and work through the next step.