US Small Business Tax Prep Checklist

Preparing for tax season can feel like a lot, especially for a US small business navigating multiple forms, records, and government deadlines. Whether you’re a solo entrepreneur or running a growing team, staying organized can make or break your filing process.

If you’re dealing with complex reporting requirements, payroll responsibilities, or year-end filings, it’s important to keep corporate tax services in mind. Even if you’re not outsourcing yet, this tax prep checklist can help streamline the process—and keep your business on track.

Below, we break down everything you’ll need to gather and understand before filing your 2024 taxes in 2025.

Before You Start: What to Expect

Tax season isn’t just about plugging numbers into a form. It’s about making sure those numbers reflect a full year of accurate, organized records. By using a checklist like this one, you’re setting your business up for a smoother, stress-free experience—and minimizing the risk of missing out on important deductions or credits.

Step 1: Gather Basic Business Information

Start with the fundamentals. You’ll need this core information to complete most tax forms:

• Business Name and Address

• Employer Identification Number (EIN)

• Business Structure
  • Sole Proprietorship

  • Partnership

  • S-Corporation

  • C-Corporation

Each business type has different tax filing requirements, so confirming your structure early will save time later.

Step 2: Collect Financial Records

Your tax return is only as good as your records. Make sure you’ve gathered all the necessary financial data from the past year.

• Income Documentation
  • Sales and service revenue

  • Other income sources

• Expense Records
  • Office supplies, software, utilities, rent

  • Equipment and business travel

  • Payroll and insurance

• Home Office Deduction (if applicable)
  • Use the IRS simplified method if eligible (up to $1,500)

Good recordkeeping ensures you capture every allowable deduction—and helps your return hold up in case of a government audit.

Step 3: Identify the Right Tax Forms

Choose your forms based on how your business is set up:

• Sole Proprietors / Single-Member LLCs: Schedule C (Form 1040)

• Partnerships: Form 1065

• S-Corporations: Form 1120S

• C-Corporations: Form 1120

If you have employees or contractors, you’ll also need:

• Form W-2 and W-3 for employee wages

• Form 1099-NEC for contractors

• Forms 940 and 941 for payroll taxes

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Step 4: Calculate Deductions and Credits

This step is about identifying savings opportunities and ensuring you’re not leaving money on the table.

• Business Vehicle Use
  • Use either the standard mileage rate or track actual vehicle expenses

• Cost of Goods Sold (COGS)
  • Keep records of inventory, materials, and direct labor costs

• Research & Development Tax Credit
  • If eligible, document all qualified R&D expenses

Every deduction and credit you claim helps reduce your total tax liability.

Step 5: Know Your Tax Types and Deadlines

Understanding the kinds of taxes you owe—and when they’re due—is essential to staying compliant.

Types of Taxes:

• Federal and State Income Tax

• Payroll Tax (for employers)

• Sales Tax (if applicable in your state)

Important Tax Deadlines for 2025:

• March 17, 2025: Partnerships and S-Corporations tax return deadline (adjusted from March 15 since it falls on a Saturday)

• April 15, 2025: Deadline for personal tax returns and first-quarter estimated tax payments

• June 16, 2025: Second-quarter estimated tax payment due

• September 15, 2025: Third-quarter estimated tax payment due

• October 15, 2025: Extended deadline for personal tax returns (if filed for extension)

• January 15, 2026: Fourth-quarter estimated tax payment for 2025

Staying ahead of these deadlines can help you avoid penalties and interest.

Step 6: Consider a Tax Professional

If your business is growing or your finances are becoming more complex, working with a tax advisor can be a smart move. They can help with:

• Accurate reporting

• Maximizing deductions

• Staying compliant with federal and state tax laws

A professional can also help you prepare for future tax seasons, especially if your business is scaling or you’re navigating more advanced filing requirements tied to corporate tax compliance.

Summary

Tax season doesn’t have to be overwhelming. With this tax prep checklist, your US small business can stay organized, meet deadlines, and reduce tax liability through proper planning and documentation. While corporate tax services may become necessary as your operations grow, getting the basics right is the first step in making filing easier—and smarter—every year.

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Running a business is complex enough. That’s why we offer combined accounting and tax filing plans at one fixed price. Our AI handles your daily books while tax experts manage your filing obligations. Plus, your dedicated CSM is just a SMS away. Chat with us now, email [email protected], or use our contact form.

Here are some articles you might find helpful:

LLC Taxation Explained

Sole Proprietor Tax Guide

Maximizing Deductions for Small Businesses