Preparing for your first business tax return

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Business returns

By Accounting Services · Published September 30, 2026

The first year of a business can leave records scattered across registration emails, payment accounts and personal folders. Begin by describing the business’s story in order. That gives the preparer a framework for the documents that follow.

Write a short timeline

Note formation, the start of business activity, the opening of accounts and any ownership changes. Keep dates factual and label anything uncertain. A registration date and the first customer payment may be different; record both rather than choosing one as a substitute for the other.

Identify the record sources

List the systems used for sales, expenses, payroll and contractor payments. Include accounts that were opened and later closed. If personal funds were used, describe the transactions and preserve the supporting documents for review instead of deciding their treatment yourself.

Discuss preparation and cleanup separately

Tell the preparer which reports are ready and which records still need organizing. Ask whether the engagement includes completing the books or starts after that work is done. Clarifying this early makes the preparation handoff more useful.

Business structure is one of the facts the IRS identifies as relevant to the return form. Bring what you know and the correspondence you have. Use our preparation checklist to organize the conversation, and ask ASI to confirm the records and scope for your first filing.

Source and further reading

IRS: Business structures. General preparation information; your engagement and filing requirements depend on your circumstances.

What happens next

Tell ASI what you need help with. Start with your contact information and add optional context.