Small Business Tax Preparation and Tax Planning — What to Bring, What to Expect, and What Can Still Change
A tax return reports the year that already happened. Planning is the part that can still change something — and it has to happen before December, not after.
Most owners find out what they owe in March, when there is nothing left to do about it. That is a preparation problem, not a planning problem. This page covers both: what to gather before your first appointment, how the engagement works start to finish, and where the real decisions get made while the year is still open.
What to Bring — The Document Checklist, Split by Filer Type
Print this. Gather what you have. You do not need everything on the list to book a first conversation — we have worked with far less organized starting points than yours.
For Individual Filers
- Prior year federal and state tax returns (the last two years if you have them)
- W-2s from every employer for the tax year
- 1099s for interest, dividends, retirement distributions, or freelance income
- Social Security benefit statements (SSA-1099)
- Records of any other income: alimony received, gambling winnings, jury duty pay
- Mortgage interest and property tax statements (Form 1098)
- Student loan interest paid (Form 1098-E)
- Charitable contribution receipts — cash and non-cash
- Medical and dental expenses if you think they may be significant
- Records of any estimated tax payments made during the year
- Health insurance premiums if you paid them yourself rather than through an employer
- Prior year federal and state returns, including all business schedules
- Profit and loss statement or bookkeeping file for the tax year — even a rough one is a starting point
- Bank statements if a formal P&L is not available
- 1099-NEC forms received; 1099-K if you process payments through a card processor or platform
- Records of all 1099s issued to contractors and subcontractors, and copies of the W-9s behind them
- Payroll records and year-end payroll summaries if you have employees
- Mileage log or vehicle use records
- Asset purchase records for any equipment, vehicles, or improvements bought during the year
- Loan statements for any business debt
- Entity formation documents if this is a first-year filing or the structure changed
- Sales tax filings if your state requires them
- The prior year's depreciation schedule if one exists
Nobody has ever shown up too disorganized for us to work with. If the books are behind or returns are unfiled, that is exactly the kind of situation we open with — not one we avoid.
For Business Owners and Self-Employed Filers
How the Engagement Works, Start to Finish
1. The First Conversation
We start by reviewing your prior returns before we talk about anything else. What was filed, how it was structured, and whether anything looks like it was left on the table. That review sets the baseline for the current year and surfaces anything worth addressing before we go further.
2. Gathering Documents
Once we know what we are working with, you receive a document list specific to your situation. Documents move through a secure client portal — no emailing sensitive files back and forth. If something is missing, we ask for it. If the bookkeeping needs cleanup before we can prepare the return, we handle that first.
3. Preparing the Federal and State Returns
We prepare the return from what is actually in front of us, not from a template. If you operate in more than one state, each return gets prepared. If you have entity-level filings alongside your personal return, those are coordinated together.
4. Going Through the Return Before It Gets Filed
The return gets explained before it gets signed. We go through what it says, where the numbers came from, and what drove the result. If something looks different from what you expected, that is the time to understand why — not after the filing deadline.
5. The Planning Conversation
After the return is filed, we turn to the year ahead. That conversation covers the levers that are still open: quarterly estimates, timing decisions, retirement contributions, equipment purchases, and anything that changed in the business. Check-ins happen as the rules change or the business does — not once a year in April.
The Tax Levers That Are Still in Front of You
Tax planning for small business is not a single conversation. It is a set of decisions that have to be made while the year is still open, because most of them cannot be undone after December 31.
Quarterly Estimated Payments
If you are self-employed or carry business income, you are generally expected to pay taxes as you earn rather than in a lump sum at filing. Sizing those payments correctly keeps you from writing a large check in April — or overpaying throughout the year and waiting for a refund you could have used sooner.
Entity Structure
How your business is organized affects what you pay and how. A sole proprietorship, a partnership, an S corporation, and a C corporation each carry different tax treatment on the same dollar of income. If your structure has not been reviewed recently, or if the business has grown since it was set up, that is worth a conversation.
We look at entity structure as part of planning, not as a standalone exercise. If a change makes sense, we can walk through what it would mean for your situation.
Retirement Contributions
Contributions to a SEP-IRA, SIMPLE IRA, or solo 401(k) are deductible for most business owners. The right plan depends on whether you have employees, how much income varies year to year, and how much you want to set aside. This is one of the few deductions where the timing can be adjusted after the year ends, but the plan has to be in place first.
Timing Income and Expenses
If you have some control over when income lands or when expenses get paid, timing decisions can shift taxable income from a high year into a lower one. This applies to invoicing, to accelerating deductible purchases, and to how you handle year-end draws or distributions.
Equipment and Vehicle Deductions
Section 179 and bonus depreciation allow many business owners to deduct the cost of qualifying equipment and vehicles in the year of purchase rather than spreading it across several years. The rules change, the limits change, and what qualifies is specific — so this is worth reviewing before a purchase, not after.
The Qualified Business Income Deduction
Many pass-through business owners are eligible to deduct up to 20 percent of qualified business income. The calculation involves income limits, the type of business, and W-2 wages paid. It does not apply automatically, and the amount is not the same for every owner.
Industries We Work With Most Closely
We work with a wide range of individuals and small businesses. Three categories come up often enough that the planning looks genuinely different depending on which one you are in.
Construction Trades — Roofing, Painting, Framing, Concrete, Remodeling
Construction work has its own rhythm: materials get purchased before draws come in, subcontractors need 1099s at year end, equipment decisions happen fast, and cash flow gaps between jobs are real. Tax planning for a contractor means job costing, equipment timing, subcontractor payment records, and working with income that does not arrive in a straight line. This is the work we do most, and it shows.
Retailers
Retail planning centers on inventory, seasonal revenue swings, and payroll timing. A retailer who does most of their volume in two quarters needs a different approach to estimated payments than one with flat monthly revenue. Year-end inventory decisions also carry tax consequences that are worth thinking through before the close of the year.
Professional Service Firms
For attorneys, consultants, agency owners, and similar firms, the planning conversation usually starts with owner compensation — how much to take as salary versus distribution, and how that decision plays out against long-term tax efficiency. The qualified business income deduction, retirement plan selection, and entity structure are all connected to that question.
We have seventeen years of individual and business tax experience across this work. The planning is specific to your situation, not pulled from a template.
What Tax Preparation Costs and What Moves the Number
Before you book, it is worth understanding what drives the price of a return and how to compare what different preparers are actually offering. We cover that plainly — including what moves the number up or down, and what to ask when you are choosing between options.
Who We Are and How We Work
We are a small practice with roughly sixty years of combined experience across the office. Craig Collins works directly with clients — there is no handoff to a junior preparer after the first conversation. We serve clients across the country, with the full engagement handled remotely from document gathering through filing. We also work face to face with clients in Tallahassee and the surrounding area and with businesses in metro Atlanta.
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Ready to Get Started? Here Is What Happens Next.
Book a first conversation using the link below, or reach us by phone or through the contact form. We will review your prior returns, send you a document list specific to your situation, and go from there. The return gets explained before it gets filed — and the planning conversation starts as soon as the return is behind us.
Common Questions About Small Business Tax Preparation and Planning
What documents do I need to file my small business taxes?
At a minimum: your prior year return, a profit and loss statement or bank statements for the year, records of any equipment purchased, mileage logs, payroll summaries if you have employees, and 1099s issued and received. The full list depends on your entity type and industry — we send a specific checklist at the start of every engagement.What is the difference between tax preparation and tax planning?
Preparation reports the year that already happened. Planning looks at the decisions still in front of you — estimated payments, equipment timing, retirement contributions, entity structure — while there is still time to act on them. Most of those decisions have to be made before December 31.How do I know if my business structure is costing me money?
Entity structure affects how your income is taxed and what deductions are available to you. If your business has grown, if your income is significantly higher than when you set up the entity, or if you have never had the structure reviewed by someone focused on tax, it is worth a conversation. We look at this as part of the planning process.Can I work with you if I am behind on filings or my books are a mess?
Yes. Getting caught up is a normal part of what we do. We review what has been filed, identify what is missing, and work through it in order. The starting point does not need to be clean — that is what the first conversation is for.Do you handle multi-state returns?
Yes. If you earn income in more than one state, work remotely for an employer in a different state, or operate a business across state lines, we prepare each return that is required and coordinate them together.How do quarterly estimated tax payments work for self-employed owners?
Self-employed individuals and business owners generally owe taxes as they earn rather than in a lump sum at filing. The IRS expects payments in four installments across the year. Sizing them correctly depends on how much income you expect, what deductions you will have, and how your income is distributed across quarters. We work through that calculation as part of planning so you are not guessing.
