Business Tax Checklist
A general rule is that all businesses have the following annual requirements: Federal Income tax, State income tax (commonly called Franchise and Excise tax), Business Tax, along with keeping their legal status up-to-date.
Please ensure that you are aware of your filing requirements, and that you engage GRF for all required services, as we are not aware of every business’s needs.
Business Information
Tax Identification Numbers are mandatory items on your tax prep checklist. All taxpayers will need the following information.
□ Employer Identification Number (EIN) or tax ID number.
□ If this is your first year filing with GRF Financials, you will need to provide a copy of your last tax return both Federal and State.
□ Business start date
□ Fiscal Year end.
□ Accounting Method (cash or accrual [Cash is default])
□ Operating and Business address (Can be two separate addresses)
□ Primary Business Activity
Owner(s) Information
□ Government issued photo identification and social security numbers or tax ID numbers for all owners
□ Owner(s)’ Capital Account activity
□ Owner(s)’ share of income/loss and distribution
Statement of Income
□ The full fiscal year of profit and loss summary statement.
Income
□ Total Revenue
□ Total Discounts
□ Total Returns
Expenses
□ Total Advertising:
□ Total Insurance (other than health):
□ Total Health Insurance:
□ Total Legal and Professional Services:
□ Total Office Expense:
□ Total Repairs and Maintenance:
□ Total Supplies:
□ Total Taxes and Licenses:
□ Total Utilities:
□ Total Travel:
□ Total Meals (full amount):
□ Total Contractor payments:
□ Total Wages:
□ Total Employee Benefits:
This is not an all inclusive list. Click the link below to download the common income and expenses.
Inventory Reporting
□ Total Inventory Purchases
□ Total Inventory Sold (the cost not the sales price):
□ Total Obsolete or Loss inventory (at cost not the sales price):
□ Total Beginning Inventory (at cost):
□ Total Ending Inventory (at cost):
