What Small Businesses Should Bring to Their Accountant

11 Dec What Small Businesses Should Bring to Their Accountant

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What Small Business Owners Should Bring to Their Accountant for Tax Time

Running a small business takes focus, flexibility, and what feels like a never-ending list of responsibilities. When tax season arrives, it can be overwhelming – especially if you’re unsure what your accountant actually needs to prepare an accurate return.

At DVF, we work with small businesses across Middle Tennessee every day, helping them stay organized, compliant, and ready for tax time. To make the process smoother, we’ve put together a detailed guide on what documents, records, and financial information you should gather before meeting with your accountant.

Why Being Prepared Matters

Arriving at tax time with complete, accurate information can:

  • Reduce the risk of errors or missed deductions
  • Speed up the filing process
  • Prevent unnecessary back-and-forth
  • Lower stress and give you a clearer view of your financial health

A well-organized business can also better identify tax-saving opportunities—and that’s something every business owner wants.

What Your Accountant Needs for Small Business Taxes

Below is a checklist of the most common documents and records your accountant will request. While each business is unique, this list covers the essentials.

1. Basic Business Information

Your accountant needs updated business details to verify filings, update records, and ensure compliance.

Gather:

  • Legal business name and DBA (if applicable)
  • EIN (Employer Identification Number)
  • Business address and contact info
  • Business structure (sole proprietorship, partnership, LLC, S-Corp, etc.)
  • Names, addresses, and SSNs/EINs of owners or partners
  • State and local tax account numbers

If you’ve made changes during the year—ownership changes, new locations, restructuring—be sure to note those.

2. Income Records

These documents help your accountant calculate revenue and ensure nothing is overlooked.

Bring:

  • Profit and Loss (Income Statement)
  • Balance Sheet
  • General ledger reports
  • Sales reports (from POS, ecommerce platforms, or invoicing tools)
  • Bank statements (business accounts)
  • 1099-K forms from payment processors
  • Invoices issued and payments received
  • Any cash sales not recorded through software

Accurate revenue reporting is crucial—both for compliance and for maximizing deductions.

3. Expense Records and Receipts

Properly categorized expenses can dramatically impact your tax liability. Provide documentation for:

  • Rent and utilities
  • Office supplies and equipment
  • Marketing and advertising
  • Professional fees
  • Insurance premiums
  • Meals and travel
  • Vehicle mileage logs or auto expenses
  • Software subscriptions and technology costs
  • Payroll and contractor payments
  • Cost of goods sold (COGS) including inventory purchases and adjustments

Your accountant can only claim deductions you can support, so clear documentation matters.

4. Payroll, Contractor, and Employee Information

If you have employees or use subcontractors, gather these items:

  • Payroll reports
  • W-2 forms (employees)
  • W-3 summary
  • 1099-NEC forms (independent contractors)
  • Payroll tax filings
  • Employee benefit records (health, retirement, etc.)

If DVF handles your payroll, much of this may already be prepared.

5. Asset, Loan, and Depreciation Information

Large purchases and long-term assets affect your tax return through depreciation or potential expensing.

Provide:

  • List of business assets and purchase dates
  • Equipment purchases or sales
  • Real estate leased or purchased
  • Loan documents (SBA loans, equipment financing, lines of credit)
  • Interest statements

Your accountant will use this information to calculate depreciation or Section 179 expensing.

6. Business Tax Forms and Prior-Year Returns

Consistency from year to year helps prevent errors and identify trends.

Bring:

  • Last year’s business tax return
  • Last year’s personal return (if you file as a pass-through entity)
  • State and local tax filings
  • Quarterly estimated tax payment records

If DVF prepared your prior-year return, we’ll already have these on hand—but it’s always helpful to check for updates.

7. Industry-Specific Documents

Depending on the type of business you operate, additional documentation may be necessary—for example:

  • Retail and inventory-heavy businesses: Inventory counts, shrinkage records, vendor invoices
  • Construction or service industries: Job costing reports, subcontractor agreements
  • Real estate businesses: Closing statements, property tax bills, depreciation schedules
  • Nonprofits: Contribution statements, grant documentation, board minutes

If you’re unsure what’s relevant, a DVF advisor can walk you through industry-specific requirements.

How to Stay Organized Year-Round

Tax preparation is easier when it’s not a once-a-year scramble. Here are simple habits to help:

Use accounting software.

QuickBooks, Xero, or similar platforms help streamline financial tracking.

Keep business and personal expenses separate.

Separate bank accounts and credit cards reduce headaches.

Stay on top of monthly bookkeeping.

Or let DVF handle it—our bookkeeping and QuickBooks training services keep your records accurate all year.

Digitize receipts and records.

Cloud storage simplifies sharing documents with your accountant.

Review financial reports regularly.

Mid-year check-ins help you stay tax-ready and financially informed.

When to Meet With Your Accountant

Don’t wait until March or April. A mid-year or year-end planning meeting can help you:

  • Adjust estimated tax payments
  • Evaluate deductions
  • Plan for equipment purchases
  • Understand your cash flow
  • Avoid surprises

Proactive planning often saves money.

Partner With DVF CPA for Stress-Free Tax Season

Whether you’re a new entrepreneur or an established business owner, having the right documents prepared makes tax season much smoother. At DVF, we guide small businesses through every step—from bookkeeping to tax planning to year-end reporting—so you can focus on running your business.

Need help preparing your documents or getting organized?
Our team is here to support you with bookkeeping, QuickBooks training, tax preparation, and ongoing business consulting.

Let’s simplify your tax season together.