If you choose to prepare your own financial statements, you will need to gather a long list of items for your tax preparer.  The below list will assist you to come well prepared to meet with the tax preparer.

Use this tax organizer checklist to assist you in gathering information and documentation necessary for the preparation of your business income tax return.

Profit and loss statement for the tax year
Yes   No
Balance sheet as of the last day of the tax year
Yes   No
Balance sheet comparison for last day of tax year vs last day of previous tax year (if available) To easily determine asset acquisitions. For the purpose of retained earnings reconciliation. Verify that no changes have occurred to prior year-end balance sheet after journal entries to adjust for the that year’s tax return have been recorded
Yes   No
If you are a QuickBooks/Peachtree user, please save the general ledger for the entire tax year into a Microsoft Excel spreadsheet or Acrobat Reader (pdf) format and provide the general ledger to me in an e-mail / save in electronic format and provide to me.
Yes   No
Listing of additions to assets recorded on the balance sheet during tax year with a description of the item, purchase date and amount paid (including financed amount). Please indicate whether items are brand new and do not include items which have been expensed. [Simple definition of an asset: Any item which was purchased (incl sales tax) for $350 or more from which the business will benefit for more than one year must be classified as an asset.]
Yes   No
Listing of any assets disposed of during tax year – how disposed of and amount sold for
Yes   No
Bank reconciliation
Yes   No
If there has been a change in the ownership structure, please provide names of e.g. new investors with names, addresses, social security number, date of investment and amount for each date
Yes   No
Additional paid-in-capital per owner, date contributed and amount contributed
Yes   No
Distributions/draws per owner for the tax year
Yes   No
Total miles driven and business miles driven for each business vehicle for which you use actual method. (Form to complete on pg 2. Do not provide data on personal vehicles used for business for which you use the mileage reimbursement method)
Yes   No
Forms W-3, W-2s, 1096, 1099-INT, 1099-DIV
Yes   No
Was medical insurance offered to employees (incl owners)? If an S-corporation, what amount was paid in premium for an owner who owns more than 2% of the S-corporation? Was the premium amount added to gross wages on the owner’s W-2?
Yes   No
Charitable contributions to [501(c)(3)organizations]:
Provide cash amount (includes cash, check, credit, debit). Provide non-cash amounts, description of items, dates donated and to which organization. If this is not provided, we will assume that the entire amount was donated in cash
Yes   No
Provide identification numbers (if you have not provided it before):
Federal employer identification number
State identification number (not state unemployment insurance ID number)
Yes   No
Yes   No
Padgett income tax engagement letter, signed and dated
Yes   No