BUSINESS INCOME & EXPENSE WORKSHEET

BUSINESS INCOME & EXPENSE WORKSHEET
Name

First NameLast Name
YEAR
NAME OF BUSINESS
Federal ID #
ADDRESS OF BUSINESS

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
BUSINESS ACTIVITY (Check all that apply):

SalesManufacturingService
PRODUCT SOLD OR SERVICE PERFORMED
How many months was this business in operation during the year?

12 MonthsFrom ________ To
How many hours during the year did you and/or your spouse devote to this business?

FULL TIME# of hours
Is any portion of your investment in this business not subject to payback by you?

YesNo

RECONSTRUCTION OF BUSINESS

Business Income & Expenses
Business Type:
Business Name:
Business Income:
Corrected Income:

Expense

	Monthly $	Yearly $
Advertising
Car & Truck
Insurance
Legal Professional
Office Supplies
Rent
Repairs
Business Supplies
Taxes & Licenses
Travel
Utilities
Cell Phone
Fuel
Other:
Other:
Other:
Other:
Other:
Other:
Other:
Other:

Monthly Total: $
Year Total: $
*To calculate your corrected income: Income – (Monthly Total x 12) = Corrected Income My signature below certifies that the income and expenses were reconstructed by me and My Tax Preparer. I further certify that these calculations for the business are accurate and true. If audited, I can supply the necessary documentation to substantiate for the information provided above.
Taxpayer Print Name:

First NameLast Name
Date

MonthDayYear
Date
Taxpayer Signature:

Clear
Date

MonthDayYear
Date
SUMMARY OF INCOME & EXPENSES

	1
Tax payer Name:
Business Type:
Business Name:
Average Service Fee:
Average Clients per week:
Mileage/Fuel Supply 6:
Office Square Foot

SUPPLIES

	Supply name and Supply Cost
Supply 1:
Supply 2:
Supply 3:
Supply 4:
Supply 5:
Supply 6:
Supply 7:
Supply 8:
Supply 9:
Supply 10:
Supply Total Cost:

	MONTHS OF SERVICE	MONTHLY INCOME	MONTHLY EXPENSE	INCOME NOTES
January
February
March
April
May
June
July
August
September
October
November
December
2022 Total Income:
Corrected Income:

I attest that all information provided on this client info sheet is true and accurate, and is subjected to IRS review.
Client Name:

First NameLast Name
Client Signature:

Clear
Date:

MonthDayYear
Date
TAXPAYER INCOME AFFIDAVIT
I, hereby swear and affirm under penalties of perjury the following:
• I earned the following income during the tax year ending December 31, 2022.
- I acknowledge that My Tax Preparer have informed me that I am required to report all income I received during the tax year from all sources.
- I acknowledge that My Tax Preparer have informed me that it is unlawful to overstate me income to receive a large refund.
- I acknowledge that My Tax Preparer, have explained to me in detail the rules regarding Earned Income Tax Credits and the reporting of self-employment income and based on my understanding of those rules I qualify for the Earned Income Tax Credit
- I understand that I will be signing my income tax return under penalties of perjury and all items included on the return are true and correct.
- I acknowledge that My Tax Preparer have advised me of my duty to keep complete and accurate records supporting the source and amount of my income and the legitimacy of any deduction or credit I claim on my tax return.
Taxpayer Print Name

First NameLast Name
Date

MonthDayYear
Date
Taxpayer Signature

Clear
Date

MonthDayYear
Date
TIPS TO IMPROVE YOUR BUSINESS FOR 2023
1. Get into a business mindset. Do whatever it takes to convince yourself that this is not a random thought, a little side gig, or "just a hobby." If you're going to run a successful business, you need to start thinking like a business owner, and that means getting serious about marketing, cash flow, and planning. You may also want to look inward and address any fears—or learning needs—you may have specific to starting the business.
2. Research the market. Take a step back and look at the business you want to start. Is there a market for your product or service? Who are your potential customers or clients, and how will they find you? Who is your competition, and what can you do differently or better? Bounce your ideas off some other business owners and see what they say. Listen to feedback and fine- tune your concept—but give yourself a deadline so you don't get stuck in this step.
3. Run the numbers. Figure out how much money it will take to get your business up and running, and how much you will need to stay in operation until you make a profit. If you don't have enough cash, explore ways to finance your business,
  which may include securing a bank loan or SBA (Small Business Administration) loan, attracting one or more investors, or soliciting family and friends, either individually or via crowdfunding.
4. Write a business plan. There are plenty of templates available online or at the library. The folks at your local SCORE center also can help. (SCORE is a nonprofit whose volunteer mentors are committed to helping small business owners succeed.) It's tempting to skip this step but writing a business plan will help you identify and solve any weaknesses in your business idea. And it's an essential document if you're looking for a bank loan, grant, or even a contribution from
  family and friends.
5. Get legal advice. Attorneys help you manage the risks of being a business owner. An attorney can advise you on whether your business should be a corporation, an LLC, or something else. An attorney can define your relationship with your coowners, review leases, and set you up with the right kinds of contracts and forms. And your attorney is someone you can call with additional questions after your business is up and running.
6. Choose a great name. This is one of the more creative steps. Your business needs the right name. A good business name is unique, memorable, easy to pronounce, and complies with your state's rules on business names. For example, most states won't let you choose a name that's potentially misleading or is the same as another business's name. Also consider how the name will transfer to online uses, including social media.
7. Form your business. Forming a business means filing paperwork with the state and paying a fee. Within a few days to a few weeks, you'll receive confirmation that your business is official. What's required for doing business in the state will vary by state.
8. Get a tax ID number. Most businesses are required to have a federal tax ID number, also known as an Employer Identification Number, or EIN. You can apply for one on the Internal Revenue Service website, or you can get your tax ID number as part of a business formation package.
9. Open a business bank account. Search banks in your area for business accounts with low fees and/or bonuses for signing up. While you're at it, get a business credit card that offers reward points. Don't use your personal bank account for your
  business banking. You'll have a mess at tax time, and you could invalidate the liability protection you get from having a corporation or LLC.
10. Talk to an accountant. Don't wait until your first tax return is due to talk to an accountant. A good accountant can advise you on the best tax filing status for your business, help you stay on top of deadlines, and answer questions you may have about business deductions, payroll, and state and local taxes.
11. Check with your state taxation department. You may need to open an account for sales tax, payroll taxes, and any other taxes your state collects.
12. Get the necessary business licenses and permits. There may be local business licenses, permits, or tax accounts that are required for your business. You can contact your city or county to find out what's required in your industry or use an online resource that can do the legwork for you.
13. Set up payroll, if you have employees. Many small businesses use payroll services to simplify the process and make sure everything is done right. Owning a small business is an exciting journey. When you start with a good plan and a solid legal and financial foundation, you'll be setting yourself up for success.
IRS Required Document to File Section:

Business Income and statement Verification section:

1. Verification of Business Income
Upload Bank statements, 1099NEC, Invoice Receipts, Receipt log, ETC

Cancelof
2. Verifications of Business Expenses
Upload Bank statements, Expenses Receipts, Summary of expenses, ETC

Cancelof
3. Business Verification additional Business Documents
Upload LLC Document, EIN, Social Media, Picture of Business, Business License, and any additional documents to support your business

Cancelof
Business Resources:

Apply for an Employer Identification Number (EIN) Online

https://sa.www4.irs.gov/modiein/individual/index.jsp

Limited Liability Company

www.LegalZoom.com

Business checking

https://welcome.wf.com/business/checking

Licenses and Permits
Check with your local DMV or Nearest State License location

I acknowledge that My Tax Preparer have advised me of how to keep complete and accurate records for my business income and expense.
Taxpayer Print Name

First NameLast Name
Date

MonthDayYear
Date
Taxpayer Signature

Clear
Date

MonthDayYear
Date
Should be Empty: