L.T.P. Business/Self-Employed Information Form

Self-Employment Tax Information Form

Complete a separate application for each business activity that you participated in from the previous year, including 1099 forms and rideshare services.
Business Identity

This form is required to be completed to correctly calculate your business income & expenses for the current fiscal year.
As of the tax year chosen, this business is structured as a ___________________.*
What tax year is this form being completed for?*

Business Information #1*

	Answer Questions About Your Business
OWNER/CONTRACTOR FULL NAME
BUSINESS or COMPANY FULL NAME
Date Business Established (MM-DD-YYYY)
Business Email
Business Phone Number
Full Business Address (Include County)
Website URL
Did you materially participate in this business?
Briefly describe your title, role, and description of service in this company.
Employer Identification Number (EIN) or put full SSN if no EIN.
Did you get paid by cash the same day of service or accrual at a later date?
What tax year was this business or self-employment performed by you, not established?

OTHER Business Information #2

	Answer Questions About Your Business
OWNER/CONTRACTOR FULL NAME
BUSINESS or COMPANY FULL NAME
Date Business Established (MM-DD-YYYY)
Business Email
Business Phone Number
Business Address (Include County)
Website URL
Did you materially participate in this business?
Briefly describe your title, role, and description of service in this company.
Employer Identification Number (EIN) or put full SSN if no EIN.
Did you get paid by cash the same day of service or accrual at a later date?
What tax year was this business or self-employment performed by you, not established?

OTHER Business Information #3

	Answer Questions About Your Business
OWNER/CONTRACTOR FULL NAME
BUSINESS or COMPANY FULL NAME
Date Business Established (MM-DD-YYYY)
Business Email
Business Phone Number
Business Full Address (Include County)
Website URL
Did you materially participate in this business?
Briefly describe your title, role, and description of service in this company.
Employer Identification Number (EIN) or put full SSN if no EIN.
Did you get paid by cash the same day of service or accrual at a later date?
What tax year was this business or self-employment performed by you, not established?

Business Profit/Income

Please provide the total revenue generated by your business during the last tax year. While receipts are not required, it is crucial to maintain accurate records of your income to ensure preparedness in the event of an IRS audit. Audits are conducted regularly, so keeping thorough documentation is essential for compliance.
Other OVERALL/ESTIMATED gross income/receipts last year? DO NOT INCLUDE 1099NEC/MISC income$*
How much money did you make in this business last year from cash, receipts, online transactions not from your job? THIS CAN BE A ROUGH ESTIMATE.
Business Income Reported on 1099-NEC &/or 1099-MISC, or type "NO 1099NEC"*
How much money did you make in this business last year SHOWN ON YOUR 1099NEC/MISC forms.
Other Business Name and Other Business Income
If you have more than one business, what is the name of this business and how much income did you make from this business

Self-Employment Common Deductions

Please provide a detailed list of the items and services you purchased to operate your business during the last tax year. Ensure that all information is accurate and supported by documentation, as this may be required in the event of an IRS audit.

1. Did you purchase any NEW major supplies, equipment, or tools for your business during the tax year? Examples: brush ($5), laptop ($250), hammer ($9), truck ($20,000), etc.

	New Purchase Name (ex. Canon Camera)	Cost of New Purchase (ex. $500)	Estimated Date of Purchase (ex. 3/1/24)
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2. MOST COMMON BUSINESS EXPENSES - put "$0.00" for others in this field if you had no expenses for certain items.*

	Cost $$$	Frequency
- Advertising/Commercials (ex. flyers, websites, business cards, t-shirts. etc.)
- Legal & Professional Fees (ex. tax prep, lawyer)
- Small Tools & Materials (ex. assets replaced within 1 year ex. Combs/Nails)
- Large Tools & Equipment (ex. assets used for more than 1 year ex. Chairs or TVs)
- Office Supplies (ex. cleaning products, paper, pen, ink, etc.)
- Taxes & Licenses (ex. annual business registration LLC)
- Telephone Bill (30% is written off, if personal)
- Uniforms/Costumes (ex. dancers, actors, business etc.)
- Business Meals/Entertainment (ex. meetings for business)

3. LEAST COMMON BUSINESS EXPENSES

	Cost $$$	Frequency
- Website Cost
- Travel Airfare, Rental Car, Hotel (ex. business purposes only)
- Rent of Equipment (leasing of office, equipment etc)
- Rent of Office/Work Space (leasing of office, equipment, etc)
- Repairs & Maintenance (ex. cost to repair assets & cleanings)
- Continuing Education Course (annual/monthly subscriptions)
- Onsite or Computer Security (ex. VPNs, data protection, firewalls, etc.)
- Business Protection Insurance (not Health but business protection)
- Contract Labor Cost (ex. cost of hiring & paying employees)
- Interest Paid for Business (ex. business loans & etc)
- Business Health Insurance (not business insurance)
- Postage & Shipping (ex. Fees related to delivery)
- Parking & Toll (ex. cost to park cars for business)
- Outside Services (ex. Accounting)
- Internet Cost (business cost)
- Software (ex. Accounting)
- Commissions & Fees
- Other

Other Business Expenses or Additional Notes
If you had more than one business, include the name and cost of any expenses from this other business here. You can also include additional notes.

DEPRECIATION of ASSETS

Diminish in value of an long term asset over time due to wear, tear, & use in the market.

Did you want to DEPRECIATE the LIFE OF ANY LONG TERM ASSETS held for more than one year?

	Full Name & Type of Item(ex. HP Laptop)	Amount Paid For?(ex. $250)	Date Purchased?(ex. 02/02/2020)	Percentage Used for Business (ex. 100%, 50%, 10%)	Date Sold/Discarded (ex. Not Sold)
Computer
Printer
Televisions
Monitors
Vehicle
Furniture
Small Supplies
Large Machinery
Large Equipment
Office Buildings

VEHICLE USAGE EXPENSES

Deducting vehicle mileage expenses related to your vehicle is one the best tax strategies used to save on taxes.

Add vehicles used for business.*

	Year, Make & Model of Vehicle	Date Vehicle Put to Use for Business	Estimated Business Miles Driven	Do you use this vehicle for business or personal use?	Do you have another vehicle for personal use?
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VIRTUAL CURRENCY

Virtual currency will be filed as property taxes capital gain or loss.

If the property is held for LESS THAN ONE YEAR, THAT IS A SHORT TERM GAIN/LOSS. If held for MORE THAN ONE YEAR, It is LONG-TERM GAIN/LOSS.

	Description of Property	Date Purchased	Date Spent, Sold, or Disposed	Cost Basis	SHORT-Term or LONG-Term Gain/Loss
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BUSINESS RENTAL PROPERTY

If you own property and invested include your investment income.

If the property is held for LESS THAN ONE YEAR, THAT IS A SHORT TERM GAIN/LOSS. If held for MORE THAN ONE YEAR, It is LONG-TERM GAIN/LOSS.

	Property Address	Percent Owned (ex. 100%)	# of Days Owned Throughout Year (ex. 365)	Rental Days vs. Personal Use Days (ex. 351/14)	Rent Income (ex. $5,000)
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LIST COST & EXPENSES RELATED TO RENTAL PROPERTY TAXES (Deductible expenses include, but are not limited to: Advertising, Cleaning, and maintenance Commissions, Depreciation Homeowner association dues and condo fees, Insurance premiums, Interest expense, Local property taxes, Management fees, Pest control, Professional fees, Rental of equipment, Rents you paid to others, Repairs, Supplies, Trash removal fees, Travel expenses, Utilities, & Yard maintenance)

BUSINESS-USE HOME OFFICE DEDUCTION

Deducting expenses related to the business use of your home is one of the most effective tax strategies to reduce your taxable income. If you use a specific area of your home exclusively and regularly for business purposes, you may qualify for this deduction. Eligible expenses can include a portion of your rent or mortgage, utilities, property taxes, insurance, and maintenance costs. Be sure to provide details about the size of your home office (e.g., square footage) and the total size of your home, as well as any supporting documentation, to maximize your deduction while staying compliant with tax regulations.

	Do you rent or own your home used for business?	Square Footage of Home	Square Foot of Home Office	Monthly RENT or MORTGAGE Cost (Put "$0" if unsure or not applicable)	Mortgage Interest (1098) (Put "$0" if unsure or not applicable)	Monthly Utilities at Home (Put "$0" if unsure or not applicable)	Monthly Mortgage / Rental Insurance (Put "$0" if unsure or not applicable)	Home Repairs & Maintenance (Put "$0" if unsure or not applicable)	Casualty Losses of Theft (Put "$0" if unsure or not applicable)
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Read & Sign

I, the undersigned, hereby declare that all the statements and information provided by me are true & correct to the best of my knowledge. I further certify that all of the documents & information required to properly complete my tax return have been supplied to the designated authorized tax practitioner.
Please provide at LEAST 2 FORMS OF BUSINESS PROOF FROM LAST YEAR from THE LIST BELOW AS WE NEED TO KEEP FOR OUR RECORDS, lawfully, FOR the next 5 YEARS. IF YOU HAVE MORE THAN 2, Please Provide copies!

If you have alreday provided the LLC and/or the EIN Letter IN A PREVIOUS YEAR, PLEASE UPLOAD AN ADDITIONAL DOCUMENT FOR THE CURRENT TAX YEAR!
- LLC Letter
- EIN Letter
- Business Invoices / Screenshots of Income
- Business Bank Statement (First 2 pages only)
- Business Expense Recepts (As many as you have)
- Business Advertisement (flyer, business cards, brochure, etc.) or Social Media Page
- Etc.
Business Owner Name*

First NameLast Name
Your Signature*

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Business Partner Name

First NameLast Name
Business Partner Signature

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Date*

MonthDayYear
Date
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Self-Employment Tax Information Form

Business Identity

MANDATORY Self-Employment Questions

Business Profit/Income

Self-Employment Common Deductions

DEPRECIATION of ASSETS

VEHICLE USAGE EXPENSES

VIRTUAL CURRENCY

BUSINESS RENTAL PROPERTY

BUSINESS-USE HOME OFFICE DEDUCTION

Read & Sign