1. Gather All Income Records

Start by collecting every income your business received during the tax year. This includes:

• Sales receipts

• 1099 forms from clients or contractors

• Bank and payment processor statements (PayPal, Stripe, etc.)

• Rental income or any additional sources

Accurate income records are critical to ensuring your tax preparation for small business is correct and complete.

2. Organize Business Expense Documents

Your expenses reduce your taxable income. Collect and categorize receipts for:

• Office Supplies

• Utilities and rent

• Business travel

• Equipment or software purchases

• Marketing and advertising

• Meals and entertainment (if applicable)

• Employee wages and benefits

Working with professional tax preparers like Charles M. Ertel, CPA, LLC, can help ensure you claim every eligible deduction and that your documentation meets IRS requirements.

3. Reconcile Your Bank Statements

Before filing, ensure your bank statements match your accounting records. Reconcile:

• Checking and savings accounts

• Credit card statements

• Loans and lines of credit

Clean records improve the accuracy of your return and are especially useful if your return is ever audited.

4. Review Payroll and Contractor Payments

If you have employees, ensure payroll tax filings are current, and all W-2 and W-3 forms have been issued. For independent contractors, ensure that you have:

• Filed 1099-NEC forms

• Kept signed W-9 forms on file.

• Documented total compensation paid

These steps are often overlooked but vital in tax preparation for small businesses.

5. Track Business Mileage and Travel

Vehicle use and travel can be significant deductions. Keep a log that includes:

• Total miles driven for business

• Dates, destinations, and purpose of travel

• Tolls, parking fees, airfare, and lodging

Apps or accounting software can automate this process for easier documentation when working with your tax firm.

6. Summarize Assets and Depreciation

If you’ve purchased or disposed of business assets (equipment, vehicles, etc.), include:

• Purchase date and amount

• Asset type and usage

• Depreciation schedule

This information helps your tax professional for small businesses calculate accurate depreciation deductions and file the correct forms.

7. Estimate and Review Quarterly Taxes Paid

Compile all payment dates and amounts if your business pays estimated taxes quarterly. This will help your accountant apply the correct credits and avoid underpayment penalties.

8. Verify Business Entity Information

Different entity types—LLCs, S-Corps, and Partnerships—have specific filing requirements. Ensure you have:

• Your EIN (Employer Identification Number)

• Registered business structure

• State and federal compliance documents

Let Charles M. Ertel, CPA, LLC, handles the paperwork so you can stay focused on running your business.

9. Prepare for Deductions and Credits

Certain small businesses may qualify for valuable tax credits or additional deductions, such as:

• Home office deductions

• Startup costs

• Qualified business income deduction (QBI)

• Employee retention credit

Our small business tax services in Lakewood CO, ensure no missed opportunity.

10. Schedule a Consultation with a Trusted Tax Firm

Finally, meeting with a tax professional is the most essential item on your checklist.

Working with professional tax preparers who understand your local market and tax code is invaluable. At Charles M. Ertel, CPA, LLC, we specialize in tax for small business owners in Lakewood CO, providing personalized tax strategies and year-round support.

Why Work with Charles M. Ertel, CPA, LLC?

Here’s why small businesses in Lakewood CO trust us:

• Decades of experience in small business tax services

• Deep understanding of Colorado and federal tax regulations

• Personalized tax planning for various business structures

• Prompt, professional, and affordable service
• Guidance beyond tax season to support your long-term financial health

Final Thoughts

Preparing your taxes doesn’t have to be stressful. Following this checklist and partnering with a reliable tax firm can save time, reduce stress, and avoid costly mistakes. Whether you’re filing as a sole proprietor or managing a team of employees, Charles M. Ertel, CPA, LLC, is here to help every step of the way.

Let our tax professional for the small business team make the tax season simple, strategic, and successful. Reach out today to schedule a free consultation with one of Lakewood best professional tax preparers.