Table of Contents
Introduction
Tax season isn’t exactly anyone’s favorite time of year. But if you run a small business, being prepared makes all the difference. When you know what to gather, what deadlines to watch, and what deductions to look for, it gets a lot easier to handle.
This guide isn’t about overcomplicating things. It’s a straightforward tax prep list built to help you stay on track, avoid mistakes, and keep more of what you’ve earned.
Are you confident your business tax filings are fully optimized and compliant?
Why Your Business Needs a Tax Checklist
If you’ve been running a business for a while, you already know taxes aren’t just about forms, they’re about keeping things in order year-round. Between logging expenses, managing payroll, and staying on top of deadlines, things add up fast. And without a proper tax checklist, something important almost always gets missed.
Having one in place doesn’t just help you file on time, it helps you stay in control. It’s a simple way to catch what matters, avoid mistakes, and make sure you’re not leaving money on the table.
Important Tax Deadlines
Here are the most critical dates that apply to many small businesses in the U.S.:
| Date | Filing Obligation |
| Jan 31 | W-2s to employees and 1099-NECs to contractors |
| Feb 28 | Local business tax returns (e.g., San Francisco) |
| Mar 1 | Delaware Franchise Tax Report due |
| Mar 15 | File Form 1065 (partnerships) or 1120S (S-corps) or request extension |
| Apr 15 | File 1120 (C-corp) or individual return + Q1 estimated taxes |
| Jun 15 | Q2 estimated taxes due |
| Sep 15 | Q3 estimated taxes and extended 1065/1120S returns due |
| Oct 15 | Extended personal return deadline |
| Jan 15 (next year) | Final estimated tax payment for current year |
💡Orbit Tip: Add these dates to your digital calendar right now. Missing just one can trigger fines or interest, especially for LLCs and S-corps.
Complete Small Business Tax Checklist
Now that you’re aware of the key deadlines, let’s break down your small business tax checklist into actionable categories.
1. Organize Business Income Records
The IRS (and your accountant) need clean income records. Make sure you collect:
- All invoices
- Sales receipts
- Bank statements
- Payment processor reports (like Stripe, PayPal, etc.)
- 1099 forms received (if you did contract work)
Keeping these organized month-by-month helps you avoid gaps and incorrect totals in your annual return.
2. Track All Deductible Expenses
A well-built small business deductions checklist can be the difference between paying more tax than you should and saving big. Track:
- Office supplies and software
- Marketing and advertising spend
- Travel, meals (business-related only), client entertainment
- Utilities, rent, and internet (if working from home)
- Legal, accounting, and professional fees
- Insurance premiums
Pro tip: Save every receipt digitally. You don’t want to scramble if the IRS ever asks.
3. Record Payroll and Contractor Payments
If you’ve paid employees or freelancers, the IRS expects full transparency.
- W-2 forms for employees
- 1099-NEC for independent contractors
- Payroll tax filings and reports
- Contractor agreements and W-9 forms
Make sure payments match what you’re reporting. Discrepancies can trigger red flags.
4. Review Estimated Tax Payments
If your net income exceeds $1,000, you’re likely required to pay estimated taxes quarterly. Keep track of:
- Payment dates
- Amounts paid
- Confirmation receipts
Falling behind here often results in avoidable penalties, even if you pay your full amount later.
5. Business-Specific Tax Forms
Different structures file different forms. Make sure you’re using the right one for your business type:
- Sole proprietors use Schedule C
- Partnerships file Form 1065 + K-1s
- S corporations use Form 1120-S
- C corporations file Form 1120
- LLCs vary based on their elected tax structure.
Not sure which applies? Talk to your tax advisor well before LLC Tax deadlines approach.
6. Don’t Miss Out on Depreciation and Other Deductions
Many businesses overlook deductions like equipment depreciation, home office costs, education, and training.
If you’ve bought furniture, laptops, or tools for work, depreciation lets you claim a portion over time. It’s a smart way to lower your taxable income, and it should always be included in your tax prep list.
Orbit’s Pro Tip: Build This Into Your Routine
Make tax prep a monthly ritual, not a year-end scramble. Dedicate one day a month to reconciling books, uploading receipts, reviewing expenses, and prepping your taxes checklist.
Use tools like QuickBooks, Xero, or Wave to auto-track income and expenses. Set calendar reminders for tax deadlines, it’ll take you far.
Need a Hand? Orbit Makes It Easy
We know taxes are complicated, but they don’t have to be stressful. At Orbit Accountants, we specialize in helping small businesses file accurately, on time, and in a way that saves money. Our services include:
- Personalized small business tax preparation
- Expense review and deduction planning
- Local, state, and franchise tax filing
- Ongoing support for estimated tax payments
- End-of-year wrap-ups and audit-ready reports
Book a free discovery call today. Let’s make taxes work for your business, not against it.
Final Thoughts
A reliable small business tax checklist doesn’t just help you stay compliant, it gives you clarity. Whether you’re navigating franchise taxes, figuring out your deductions, or filing 1099s, having a strong system in place gives you more time to grow your business.
Don’t treat taxes as a one-time panic button. Use this tax prep list to stay ahead year-round and when in doubt, Orbit Accountants is always here to help.
Frequently Asked Questions
What do I need for my taxes for my business?
You’ll need a record of what you earned and what you spent; like sales invoices, receipts, payroll info, past returns, and any tax payments you’ve already made. It’s the basic stuff that helps you or your accountant file things properly.
What do I need to keep track of for business taxes?
It’s good to keep tabs on your income, business expenses, anything you pay to employees or freelancers, and even things like travel or equipment. Doing this regularly makes tax time a lot less messy and keeps your small business tax checklist in shape.
What do I need to file my taxes checklist?
To get your taxes filed, you’ll need totals for income and expenses, proof for your deductions, and the right forms depending on your business type. Just make sure everything’s organized and easy to pull up when it’s time to file.
How much should an LLC put away for taxes?
A good rule of thumb for LLCs is to set aside around 25% to 30% of what you make after expenses. That usually covers federal and self-employment taxes, and it’s something you’ll want to include in your small business deductions checklist to avoid falling short later.
