Tax Compliance Health Checklist
Navigating tax compliance can be a hassle if you’re going at it alone. Use this simple self-assessment checklist to identify tax compliance gaps and find out how to improve tax compliance with RJM Tax Exemption.
Income Reporting
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Have you identified and reported all sources of income?
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Have you accounted for income from freelance earnings, investments, rental income, and cryptocurrency transactions?
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Did you receive a Form 1099 and match it with your records?
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If you have earnings from bartering or prizes, did you account for them?
Deductions/Credits
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Are you claiming all eligible deductions or exemptions? (Such as home office/marketing expenses)
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Have you verified your eligibility for credits like the EITC, child tax credits, or energy-efficient home improvements?
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If you're a business owner, have you tracked the business use mileage of your vehicles and applied the right rates?
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Have you properly classified expenses and depreciated assets correctly?
Tax Compliance Health Checklist: Record-Keeping
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Do you keep organized records (bank statements, invoices, etc.) as required by the IRS?
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Can you provide proof for all claimed items if required, without relying on estimates?
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Have you maintained the proper documentation for deductions, such as business travel logs?
Filing and Deadlines
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Have you filed the proper tax returns (e.g, Schedule C forms for the self-employed) by the deadlines?
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If you're filing quarterly, have you made timely estimated tax payments?
Employment and Payroll
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Have you withheld and remitted payroll taxes like FICA correctly for employees?
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Did you issue W-2s to your contractors by the deadline?
Tax Compliance Health Checklist: Sales and Use Taxes
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To avoid tax compliance gaps, did you collect and remit sales taxes in all states where you have a nexus?
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Did you file use tax returns for out-of-state purchases where sales tax wasn't collected?
General Considerations
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If you have made any investments, did you correctly report any capital gains or losses?
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Have you reviewed recent changes in tax laws to avoid penalties?
Tick Those Boxes with RJM
Whether you’re worrying about staying compliant with the breakneck pace of tax law changes or trying to pin down your sales tax nexus, ticking those boxes is a breeze with RJM. Let our seasoned compliance experts assess your tax needs and keep your business compliant with our award-winning attention to detail. Forget about learning how to improve tax compliance on your own and focus on maximizing your growth.
Book a free consultation today to get started and leave tax compliance health checklists behind.
