Self Employment Income
- Gross Income
- List of bank deposits
- All 1099s
- Other income (interest etc.)
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Misc Info Needed
- Beginning inventory
- Ending inventory
- Bad Debts - Unpaid accounts (if income was claimed in previous year)
- Auto Expenses / business mileage
- Auto insurance
- Interest of auto loan
- Repairs & maintenance
- Total miles driven
- Business miles driven
- Total gas purchases
- Date car purchased
- Model and make of auto
- Salaries & Wages
- Total gross wages paid
- Commissions paid
- Company paid FICA
- Federal unemployment paid
- State unemployment paid
- Worker’s compensation paid
- Copies of 1099s to contractors
- Home Office/Business Expenses for the year
- Total square feet of home
- Total square feet of office
- Mortgage interest
- Real estate taxes paid
- Home Utilities (gas, electric, garbage, water)
- Pest Control Service/Lawn Service
- Cell Phone
- Home repairs
- Home insurance
- Repairs/Maintenance Done in Year
- Month/Year Home First Used for Business
- Purchase price + improvements (without land price)
- List of assets (cost & date acquired)
- Cost of inventory items that sold (do not include unsold inventory)
- Donated inventory - special rules apply
- Depreciation on the cost of furniture and equipment that you owned prior to starting your business - desks, computers, file cabinets, etc.
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Self Employed Deductible Expenses
- Advertising
- Commissions Paid
- Contract Labor Paid (copies of 1099s filed)
- Business loan interest
- Cost of goods sold (purchases, not inventory)
- Health insurance premiums paid
- Insurance (other than health)
- Business Liability
- any other insurance
- Legal and Professional Fees (accounting fees)
- Meals (only 50% deductible)
- Meals bought for employee party - 100% deductible
- Education and Seminars (related to current business - not new career)
- Merchant fees for credit card sales
- Bank service charges
- Office Expenses
- Supplies
- Office supplies
- postage
- shipping
- customer gifts (limited to $25 per client)
- software purchases
- software subscriptions (security software, etc)
- cleaning supplies
- Dues and subscriptions (pertaining to current business)
- Internet service
- Website hosting, design, domain registration
- yearly LLC renewal fee
- Cell phones
- Telephone
- Long distance charges
- Phone cards for business calls
- Books, newspapers, magazines for business purposes
- Answering services
- Rent/Lease Space / Property
- Business Property Taxes
- Rent/Lease of Business Equipment (tools, dumpsters)
- Rent/Lease of storage facilities
- Repairs and maintenance
- Shop supplies
- Taxes and Licenses
- Travel Expenses
- Parking and tolls for business travel
- hotel, air and bus fares, taxi's, Lyft, Uber
- Utilities
- Equipment Purchases (cost and date purchased)
- Association fees