Income tax season is here. Time to make sure you're prepared and organized before filing your income tax returns. Don't panic, I have the complete checklist to ensure you're prepared to sit with an accountant or tax expert with confidence!
Self-Employed Income Tax Prep Checklist
GENERAL INFORMATION
Business Name:
Business Number:
Business Address:
Business Main Product/Service:
GST/HST Number:
Gross Business Income (Includes GST/HST):
Sales/Commissions (before GST):
GST/HST Collected:
PARTNERSHIP INFORMATION (if applicable)
Partner Business Number:
Percentage of the Partnership:
COST OF GOODS SOLD (COGS)
Opening Inventory of Materials (as of Jan 1st):
Purchase of Materials:
Closing Inventory of Materials (as of Dec 31st):
Direct Wage Costs:
Sub-contracts:
VEHICLE EXPENSES
Make, Model & Year:
Date purchased or leased:
Original cost of vehicle (if leased):
Amount of km’s you drove for business purposes:
Amount of km’s driven in total:
% of business mileage (business kms divided by total kms):
Interest charged (if financed):
Leasing cost (if leased):
Fuel and Oil:
Auto Insurance:
License and registration fees:
Maintenance and repairs:
Parking fees during business activity:
Other vehicle insurances (please specify):
Other expenses (please specify):
BUSINESS EXPENSES
Advertising expenses:
Meals and beverages:
Bad debts:
Liability insurance:
Other insurance (please specify):
Private health premiums:
Interest and bank charges:
Office expenses:
Office stationery and supplies:
Rent:
Property taxes:
Maintenance and repairs:
Salaries, wages, and benefits
Seminars and training
Travel
Telephone and utilities:
Internet:
Other expenses:
Business fees and licenses:
Dues and subscriptions:
Professional fees (legal and accounting):
Management and administration fees:
Delivery and freight (postage/courier):
BUSINESS USE-OF-HOME EXPENSES
Heating:
Electricity:
Water:
Home/rental insurance:
Maintenance:
Mortgage interest:
Property taxes:
Repairs, cleaning, landscaping, and supplies:
Other expenses:
Square footage of home office space:
Total square footage of home:
% use for business (home office divided by total):
Click below for your own printable copy of our checklist!
As a small business owner, are you aware of what expenses you can claim on your income tax? Knowing what can and cannot be claimed is super important when filing your income taxes. Check out our detailed checklist.
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