Business Income & Expenses (Sole Proprietorship)

Business Income & Expenses (Sole Proprietorship)

Tax Payer Name: ___________________________________________________________________

Principal business or profession: _______________________________________________________

Business name: ____________________________________________________________________

Employer ID number: ______________________________________

Business address: ___________________________________________________________________

City ____________________________

State________

Zip Code _____________

Section 1:

Business is owned by:

Taxpayer

Spouse

Accounting Method:

Cash

Accrual

Did you materially participate in the business?

Yes

No

Is this the first year of your business?

Yes

No

Did you make any payments in 2019 that would require you to file any 1099

Yes

No

forms? If yes did you issue the 1099 forms? Yes No

Section 2: Income

1. Gross receipts or sales (Attach any 1099 forms received)

2. Returns and allowances

3. Other income

Amount

Cost of Goods Sold

1. Beginning of year inventory

2. Purchases

3. Cost of items used personally 4. Cost of labor

5. Materials and supplies

6. Other costs

7. End of year inventory

Amount

Section 3: Vehicle Expenses Do you use your car for business purposes? If yes, please complete

the following questions. The following MUST be answered before your return can be completed. Please note that in addition to a mileage log or calendar, it is recommended that you retain receipts from oil changes or service visits to utilize as evidence of total mileage driven.

Car make, model, year:

__________________________

1. Total number of miles driven during 2019: __________________________

Date began using for business: _____________________

2. Total number of business miles driven during 2019: ____________________

Do you use another vehicle for personal use? Yes No

Do you have adequate records or sufficient evidence to justify these deductions? Yes No

Expenses

1. Advertising 2. Bad debts (N/A cash benefits) 3. Commissions and fees 4. Employee benefits 5. Health insurance 6. Other insurance 7. Mortgage interest 8. Other interest 9. Legal and accounting fees 10. Allocation of tax preparation fees 11. Office expense 12. Pension and profit sharing plans 13. Rent or lease, vehicles 14. Rent or lease, equipment 15. Rent or lease, building 16. Repairs & maintenance, building 17. Repairs & maintenance, equipment 18. Repairs & maintenance, vehicles 19. Supplies 20. Payroll taxes

EXPENSES WORKSHEET

Amount

Expenses

21. Other taxes

22. Taxes and Licenses 23. Travel

24. Meals and entertainment (in full) 25. Utilities

26. Wages

27. Management fees 28. Consulting expenses

29. Payroll service 30. Employee vehicle expense

31. Employee mileage reimbursement

32. Client gifts (limited to $25 each)

33. Education and seminars 34. Contract Labor

35. Parking Fees and Tolls 36. Postage and shipping

37. Other: (Description)

38. 39.

40.

Amount

Business Use of Home

1. Do you use any part of your home regularly and exclusively for business?

Yes No

2. Description of work done in home office ________________________________________________________________

3. Description of work done outside of work office __________________________________________________________

4. Total area of home ______________________ Area of Home Used for Office ___________________________

Home insurance Repairs and maintenance Utilities Rent Other

Direct costs (benefit only business portion of home)

Indirect costs (other)

I certify the information I (we) provided on this form is true and I (we) have proof of the claims Client Signature __________________________________________ Date ___________________________

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