Tax Checklist for Businesses

If interested in using LivingstonCPA, please use this list as a guide in gathering your information, complete it with your personal contact information below, and enclose it with your submission. Please provide any additional information related to income and expenses that may be required for your tax return. Have questions? Contact us.

• Business name, address, and description of the nature of
  your business
• Copy of last year's Federal and State tax returns (new clients only)
• Employer identification number (if applicable)
• Accounting method, i.e. Cash or Accrual
• Inventory valuation method
• Gross income or receipts from business
• % of home used for business purposes – i.e. sq. feet of business area / total sq. feet of home
• Listing of assets and dates purchased for business use in the current year
• Listing of assets currently being depreciated with details of depreciation amounts and methods used
• Balance Sheet and Income Statement. If not available, please provide Cost of Goods Sold, employee compensation, mileage driven for business vs. total mileage of auto used for business
  with make, model, and year of auto
• Mileage: When providing mileage information for tax year 2008 please provide the following information to avoid delays in tax return preparation. If you have business mileage, please provide your total mileage (business + non-business) for the year. For both business and/or medical mileage please separate out mileage from 1/1-6/30/08 and mileage from 7/1-12/31/08. This separation is unnecessary for charitable mileage which is set by law at .14/mile
• All other business expenses
• Home office expenses– rent or mortgage, utilities, insurance, real estate taxes, etc. (These are deductible for the % business use).