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2025 Tax Preparation Checklist for U.S. Startups

May 14

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📘 2025 Tax Preparation Checklist for U.S. Startups

Stay Organized. Stay Compliant. Stay Focused.


Preparing for tax season can be overwhelming—especially for fast-moving startups. This comprehensive checklist will help ensure your records are in order, deadlines are met, and no deductions are left behind.



✅ 1. Business & Entity Information


  • Legal business name and structure (LLC, S-Corp, C-Corp, etc.)

  • EIN (Employer Identification Number)

  • State and local registrations

  • Shareholder/member details with ownership percentages

  • Operating agreement or corporate bylaws (if applicable)



💼 2. Financial Statements & Accounting Records


  • Profit & Loss (Income) Statement – full year 2024

  • Balance Sheet as of December 31, 2024

  • General Ledger for the year

  • Cash Flow Statement

  • Bank and credit card statements

  • Bank reconciliations for all accounts

How TrueClerk Helps:We prepare GAAP-compliant financial statements and ensure all accounts are reconciled, so you're ready for tax filing or audits.

💸 3. Income & Revenue Documentation


  • Sales reports from platforms (Stripe, PayPal, Shopify, etc.)

  • Invoicing history

  • 1099-Ks from payment processors

  • Interest or other business income



✂️ 4. Expenses & Tax Deductions


  • Payroll and contractor payments

  • Software & SaaS subscriptions

  • Rent, utilities, internet, phone

  • Travel, meals, and vehicle expenses (with logs/receipts)

  • Marketing, legal, and professional services

  • Equipment purchases and depreciation records

How TrueClerk Helps:We categorize and track expenses accurately to ensure you claim every allowable deduction. Our team helps you identify overlooked cost-saving opportunities.

🧾 5. Tax Documents


  • Previous year’s tax return

  • Quarterly estimated tax payments (Forms 1040-ES or 1120-W)

  • Form W-2s for employees, 1099s for contractors

  • Sales tax filings (state/local)

  • Business licenses and renewals



👥 6. Payroll & Benefits


  • Payroll reports (Gusto, ADP, etc.)

  • Employee benefits and contributions

  • Health insurance and retirement plan summaries

  • Year-end W-2 and W-3 forms

How TrueClerk Helps:We provide end-to-end payroll support including coordination with your provider, accurate record-keeping, and year-end reporting.

🚀 7. Startup-Specific Considerations


  • Cap table and equity grants

  • Convertible notes, SAFEs, and funding agreements

  • 83(b) elections and stock option tracking

  • R&D expenses for potential tax credits

  • Deferred revenue, prepaid expenses, or accrual items

How TrueClerk Helps:Our team understands startup financials and helps you navigate complex items like cap tables, SAFE notes, and R&D credits—keeping you compliant and investor-ready.


📅 8. Compliance & Deadlines


  • March 17, 2025: S-Corp & Partnership returns due (Form 1120-S, 1065)

  • April 15, 2025: C-Corp & Sole Proprietor returns due (Form 1120, 1040 Schedule C)

  • File Form 7004 if requesting an extension

  • Check franchise tax and annual report filing requirements by state

How TrueClerk Helps:We track all filing deadlines for you and collaborate with your CPA or tax preparer to ensure timely, accurate filings.

💼 Let TrueClerk Be Your Tax Season Partner


With over 15 years of experience, TrueClerk delivers reliable bookkeeping tailored for startups. Based in India and serving U.S. businesses globally, we provide:


  • Accurate, real-time bookkeeping

  • Clean financials ready for your CPA

  • Tax prep collaboration and year-end support

  • Competitive pricing and 24/7 availability



📞 Get Started Today


Visit www.trueclerk.com or contact us to schedule a free consultation.


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