Individual and Business Tax Checklist

As 2021 comes to a close, it is a good time to catch up with paperwork and make sure everything is in order for individual and business tax purposes. The following checklist is a guide to the items you and your business will need for taxes and other business purposes.Business Tax Checklist
2022 Individual Taxes
1. Individual Information

  • Social Security or tax ID number.
  • Information about economic impact payments (i.e., stimulus payments).
  • W-2s, including W-2G (gambling income).
  • 1099s from all sources, including:
    1. Self-employment (1099).
    2. Unemployment (1099-G).
    3. Interest and dividend income (1099-INT, 1099-OID, 1099-DIV).
    4. Income from sales of stock or other property (1099-B, 1099-S).
    5. Health savings accounts (1099-SA).
    6. Long-term care reimbursements (1099-LTC).
    7. Royalty income (1099-MISC).
    8. Pension, IRA and annuity income (1099-R).
  • Contributions to retirement plans, before and after tax.
  • Hobby income and expenses.
  • Record of alimony paid or received.
  • Record of state tax refund.
  • Trust income.
  • Record of any estimated taxes paid.
  • Child care records, including the provider’s tax ID number.
  • Transactions involving cryptocurrency.
  • Form 8332 showing that a dependent child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable).

2. Self-employment income.

  • Schedule K-1.
  • Record of expenses.
  • Business-use asset information needed for depreciation (e.g., cost and date placed in service).
  • Home office expenses.

3. Rental income.

  • Income and expenses.
  • Rental asset information for depreciation (e.g., cost and date placed in service).
  • Record of estimated tax payments made.

4. Savings, investments and dividends.

  • Interest and dividend income.
  • Income from sales of stock or other property.
  • Sold property data, including:
    1. Dates of acquisition.
    2. Records of cost or other basis in property.

5. Home ownership.

  • Mortgage interest statements.
  • Real estate tax records.
  • Receipts for energy-saving home improvements.

6. State and local taxes.
7. Other information.

  • Records of health care expenses, including:
      • Amounts paid for medical, dental and vision care (including health insurance, drug costs and transportation).
      • Form 1095-A for insurance purchased through the marketplace or exchange.
  • Records of cash and noncash charitable donations.
  • Educational expenses, including Form(s) 1098.
  • K-12 educator expenses.
  • Records of alimony paid.
  • Records supporting losses in a federally declared disaster area.

Business documentation for corporations and LLCs

  • Are you required to file an annual statement of information or annual report?
  • Is an articles of amendment document required to record changes to the company’s business address, board members, business name, business purpose, stock offerings, etc.?
  • Has the annual board meeting been held, and is it documented?
  • Corporations conducting business in other states must employ a registered agent living in that state to accept service of process on behalf of the company.

Business documentation for all business entities

  • Some businesses operating in more than one state must file for foreign qualification in any states where:
    • The business maintains a physical presence.
    • The business conducts regular in-person meetings.
    • The business has employees living and working.
  • Businesses conducting business under another or different name than what is registered with the state must apply for a doing business as name in the foreign state where it operates the business.
  • Businesses that change ownership or business structure may need to apply for a new Federal Tax ID number or Employer Identification Number.

Other important information

  • Be sure all of the following are up to date:
    • Professional licenses.
    • Licenses, permits and certifications for businesses in federally regulated industries.
    • Continuing professional education credits.
    • Business licenses and permits, including:
      • Zoning permits.
      • Environmental permits.
      • Health department permits.
      • Building permits.
      • Occupancy permits.
    • Businesses need a sales tax license from every state they sell in even if they do not have a physical presence in each of those states. Specific requirements and renewal periods vary by state. Wholesalers must obtain a resale certificate.
  • Document all intellectual property, including:
    • Patents, trademarks and copyrights.
    • Certain software.
    • Caveat: All intellectual property owned by the company should be reviewed. The internet has changed how such property is created and used.

There may be items on this list that do not apply to you as well as issues you do need to address that are not listed. To ensure compliance, contact one of our accountants or CPAs to discuss your situation.

Need Guidance and Help?
If you need advice, give us a call and we will be happy to discuss your situation.