What documents do I need to file taxes?

A business owner goes through his tax documents.

Many business owners wonder, “What documents do I need to file taxes?” With so many tax documents to consider, it can be confusing even to the most seasoned business owner. Let’s walk through a tax document checklist and some common questions.

Essential tax document checklist for tax preparation.

If you want to make tax preparation a bit more streamlined, have at least these documents ready:

  1. Financial statement. This document shows the financial health of your business. It typically includes a balance sheet, income statement, and cash flow statement.
  2. Capital-asset activity. A capital-asset activity document shows assets you’ve bought to document expenses and depreciation.
  3. Vehicle use. Keep a document that shows your vehicle operating expenses like fuel, mileage, and maintenance. You can get a deduction on your taxes for every mile driven.
  4. Summary of home-office expenses. Many businesses operate from home, which means you can deduct a percentage of your home expenses. You’ll need a summary of what you’ve paid for mortgage/rent, insurance, utilities, repairs, and maintenance.
  5. Form 1098. If you’re wondering, “What forms do I need to file my taxes,” a 1098 should be part of that list if you work from home. Form 1098 shows the mortgage-interest and property tax payments you’ve made on your home throughout the year. You’ll need it to calculate your total business costs for working from home.

This list isn’t exhaustive. Explore a longer checklist guide to taxes, and consult your accountant to find out exactly what you’ll need to complete your tax preparations.

What tax forms do I need depending on entity type?

When it comes to filing taxes, the type of entity you have will determine the specific tax forms you need to submit. Here’s a brief overview of the tax forms required for different types of entities:

Are there additional documents needed to file taxes if I have foreign assets?

Yes, if you have foreign assets or income, there may be additional documents required when filing your taxes. Here’s a brief overview:

It’s important to note that the reporting requirements for foreign assets and income can be complex, and the specific forms and thresholds may vary depending on your circumstances. It’s advisable to consult with a tax professional who specializes in international tax matters to ensure compliance with all applicable reporting requirements.

Merge documents needed to file taxes into one PDF.

Once you compile all the necessary documents, it’s a good idea to digitize your tax documents and merge them into a single PDF to simplify sending and viewing.

It’s easy to merge your documents into one PDF using an online PDF editor like Adobe Acrobat online services.

Visit the Acrobat online website. Upload the PDF documents you want to merge. Rearrange PDF pages however you like, and then download the merged PDF. This way, all your tax documents will be in one easy-to-manage file you can send to your accountant or other tax preparer.

Discover what more you can do with Adobe Acrobat to simplify organizing your tax documents.