How to Prepare for Tax Season: A Small Business Guide
Get your business ready for tax season with our comprehensive checklist and organization tips. Maximize deductions, minimize stress, and ensure compliance with this step-by-step guide.
Tax Season Timeline
Tax season typically runs from January to April 15th. Start preparing now to avoid last-minute stress and ensure you don't miss any valuable deductions.
Essential Documents Checklist
Gather these essential documents before meeting with your accountant or filing your taxes:
Income Documents
Expense Documents
Maximize Your Business Deductions
Don't leave money on the table. Here are commonly overlooked business deductions:
Office & Equipment
- • Home office expenses (if you work from home)
- • Computer, software, and equipment purchases
- • Office supplies and furniture
- • Internet and phone bills (business portion)
Travel & Transportation
- • Business mileage (57.5¢ per mile for 2023)
- • Parking fees and tolls
- • Business travel expenses
- • Client meeting meals (50% deductible)
Professional Services
- • Accounting and bookkeeping fees
- • Legal and professional consultations
- • Business insurance premiums
- • Marketing and advertising costs
Organize Your Records
Proper organization saves time and ensures you don't miss any deductions:
Separate Business and Personal
Keep business and personal expenses completely separate to avoid complications.
Categorize Everything
Use consistent categories that align with tax form line items.
Digital Backup
Scan and store digital copies of all important documents.
Common Tax Mistakes to Avoid
Missing Receipts
Without proper documentation, you can't claim deductions. Keep all receipts!
Mixing Personal and Business
This creates complications and may trigger audits. Keep them separate.
Waiting Until the Last Minute
Rushing leads to mistakes and missed deductions. Start early!
Tax Preparation Timeline
January - February
Gather all documents, organize receipts, and review last year's return.
March
Meet with your accountant or begin preparing your return.
Early April
File your return and make any necessary payments before the deadline.
Simplify Your Tax Preparation
ReceiptLabs automatically organizes your business expenses throughout the year, making tax season stress-free. All your receipts are categorized and ready for your accountant.