Business and Financial RecordsTrial balance report from company books. TaxAct’s Accounting Records import helps reduce time and errors by automatically transferring accounting records for the tax year via .csv import (compatible with most popular accounting applications)
Bank and credit card records to support interest and other day-to-day business expenses
Copy or summary of all Form 1099 and W-2 issued
Business and Financial RecordsReports detailing all federal unemployment, Social Security, and Medicare tax paid (Forms 940 & 941)
Reports of state and local payroll tax paid
If business was conducted in multiple states, compile a report of sales, payroll, and property values for each state
Reports for inventory including cost of goods or materials purchased for resale or manufacture and the total value of goods or materials at the end of year
Asset RecordsPrior year depreciation schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage
Date of purchase, cost, trade-in allowance, and business use percentage for all assets acquired during the tax year
Date of purchase, cost, sales proceeds, trade-in allowance, expenses of the sale, and accumulated depreciation for all assets disposed of during the tax year
Mileage log for each owned or leased vehicle (business use and total use)
Reports for business use percentage and actual expenses for each owned vehicle (gas and maintenance costs)
