Client Checklists

2022 – Self-employed businesses tax checklist (reported on a Schedule-C with your form 1040)

General Self-Employed Tax Checklist

If you are a sole proprietor or single-member LLC, it is important to collect all necessary information, income items, and deductions before filing your taxes. To ensure that your taxes are filed properly, you will need to gather the following information and forms:

Personal Information:

  • Your name (exactly as it appears on your Social Security card)
  • Your date of birth
  • Your Social Security number (SSN)
  • Your home address
  • A copy of your federal and state tax returns from the previous year
  • Your bank account number and routing number (for direct deposit of your refund, if applicable)

Income:

  • 1099-K forms received from third-party payment processors such as PayPal or Venmo
  • 1099-NEC forms received from clients for independent contract work
  • Other 1099 forms for investment earnings (1099-INT, 1099-DIV) or broker-handled transactions (1099-B)
  • W-2 forms for any employment income
  • Gross receipts from sales
  • Accounts receivable (sales records)
  • Any returns or allowances
  • Other income, such as rental income or tax credits received

Deductions:

  • The cost of goods sold (beginning and end-of-the-year inventory amount, inventory purchases, materials, and supplies)
  • Advertising and marketing costs
  • Phone expenses (landline, fax, business cell phone)
  • Computer and internet expenses
  • Business use of a personal car, either as a total expense deduction or mileage deduction
  • Travel expenses
  • Meals for business purposes
  • Commissions and fees
  • Software subscriptions
  • Depreciation of business assets
  • Contract labor costs
  • Insurance
  • Loans and interest payments
  • Office space outside of the home
  • Home office (calculate square footage of home office space against total square footage of home and total mortgage interest or rent paid)
  • Employee wages
  • Estimated tax payments
  • Other business-related expenses such as repairs and maintenance

Forms to File:

  • Form 1099-NEC for any independent contractor paid $600 or more
  • W-2 forms for any employees
  • Form 1040, including Schedule C for sole proprietors and Schedule SE for self-employment tax calculation.