Ncpe Fellowship



center2637790right000YEAR END SELF-EMPLOYMENT INCOME TAX DATA – Tax Year 2019Business Name ______________________________________ Owner _________________________________________Phone Number (________) ____________________________Fax Number (________) ___________________________Email Address _______________________________________________________________________________________Business Address ____________________________________________________________________________________(if different from your Home Address)[ ] Yes [ ] No Is your business located Inside City Limits? What City? ______________________________________[ ] Yes [ ] No Was the primary purpose of the business activity to realize a profit?[ ] Yes [ ] No Did you materially participate in the operation of this business?[ ] Yes [ ] No Has the business reported any losses in prior years? Please list years: __________________________[ ] Yes [ ] No Did you pay any family members for services? If yes, provide details.[ ] Yes [ ] No Did you have any employees? If yes, provide copies of your payroll reports, W-3 and W-2 forms.[ ] Yes [ ] No Did you make, or do you plan to make, any contributions to a self-employed retirement plan?Type of Plan: _________________Amount already contributed for 2019: ______________________ [ ] Yes [ ] NoDo you use an area of your home exclusively for business operations or business storage? If yes, please complete the home office section of this form.In 15 words or less, please describe your business activities (very important): ________________________________________________________________________________________________________________________________________Please indicate your accounting method: [ ] Cash [ ] Accrual [ ] UnsureIf we may be of assistance to you when preparing this form, please do not hesitate to call our office at YOUR PHONE #. This form may be completed and faxed to us at YOUR FAX #, or uploaded to YOUR PORTAL NAME.Would you like our office to prepare your 2020 FL Tangible Personal Property Tax Return? □ Yes □ No(This form is due BEFORE 4/1/2020) Please forward the forms from the applicable Counties to our office.You May be Exempt from filing this form. Please be sure to forward all forms or exemption notices to our office.If your Business is a FL-LLC, remember to file your LLC Annual Report. It must be electronically filed by visiting LLC renewal is due on or before 5/1/2020. Failure to do so will subject you to a stiff late filing penalty of $400 and/or possible dissolution of your LLC. Other states may have similar renewal requirements. Call our office if you have questions.2800355651500INFORMATION APPLIES TO BUSINESS ACCOUNTS ONLY1. Do you feel that expenditures for sales, travel, business meals and other expensesare properly substantiated: i.e. Date, Name, Amount, Place, Business Purpose?□ Yes □ NoPLEASE NOTE – entertainment expenses are NO longer deductible – please do not include in your expenses.2.INVENTORY OF MERCHANDISE HELD FOR RESALE (Do not include equipment or operating supplies to be used within your business.) Inventory must be taken in a manner consistent with method used in previous years. Physical Inventory count MUST be taken at year-end.The IRS has placed an increased emphasis on a court case in recent years regarding actual physical inventory on hand at December 31. Please make sure to physically count your inventory, retain the records, and provide us with the accurate total cost of inventory on hand at year-end. Do not include consignments you are holding from other people in this number. In the event of an audit you must be able to provide copies of physical count sheets, so we are continuing to place an increased emphasis upon obtaining correct year-end physical inventory amounts.Inventory On Hand Valued at 12/31/19 (Your Actual Cost) $_______________Inventory Withdrawn from business during the year for personal use(Your Actual Cost) ($_______________)New Sales Tax rules are effective in many States. In general, you must pay sales tax on any items you purchase that are not re-sold including office supplies, equipment, online and out-of-state purchases. You need to charge sales tax on any items you sell (labor if separately stated on the invoice – may have different rules), except for those customers for whom you have a valid exemption certificate on file. Make sure that you file sales tax returns in all states in which you have an office, store, salespeople or other presence.289560-4318000ACCOUNTS RECEIVABLE(Customers who owe you money)[ ] Check here if you are a CASH BASIS taxpayer and therefore NOT required to report Accounts Receivable or Accounts Payable on your tax return. If you are cash basis, you can skip this page. Please call our office if you are not sure Accounts Receivable Including Bad Debts$ List Uncollectible Customer Bad Debts to be charged off this year that ARE, and/or have previously been, included in your Accounts Receivable amount above.NameHow old is Amount Owing?Amount of Bad Debt(attach additional list if necessary)Less Total Bad Debts$ Net Collectible Accounts Receivable Year End, After Bad Debts (your detail must agree with amount shown)$ 28638515557500ACCOUNTS PAYABLE (Bills your business owes as of year-end)PERTAINS TO BUSINESS DEBTS ONLY - - - NO PERSONAL DEBT SHOULD BE INCLUDED(Do Not Show Payroll Taxes, Sales Tax, or Loan Balances Here)Owed to Whom?AccountCode/TitleDescription(Mdse., Supplies, Truck. Exp., Etc.)AmountTotal$(attach additional list if necessary)2387603111500INSURANCEPremiums paid for health insurance for you and your family$_______________Were you eligible to participate in an employer sponsored health plan at anytime during the year (either your employer OR your spouse's employer)?□ Yes □ NoREPAIR AND CAPITALIZATION RULES FOR FIXED ASSETSThe below information is to provide some guidance regarding the deductibility of certain renovations to real property or with regard to new assets you may have or will purchase in the course of running your business. Whether an expenditure qualifies as a currently deductible repair or is required to be capitalized is a factual determination. The burden of proof rests with the taxpayer, and sufficient contemporaneous records must be maintained. It is important to correctly characterize such expenses from the beginning. Otherwise, amended returns may have to be filed and that may require a change in accounting method request which could result in an IRS audit. Where a company constructs an addition to its building, the direct and indirect costs of construction must be added to the building's basis. The amount added to the building's basis also includes construction period interest. Capitalization is also generally required for installations of material components to buildings or equipment.Under IRS regulations in effect before 2014, a taxpayer may generally deduct the cost of incidental repairs that neither materially add to the value of the property nor appreciably prolong its life, but keep it in an ordinarily efficient operating condition. Repairs in the nature of replacements, however, to the extent they arrest deterioration and appreciably prolong the life of the property, must either be capitalized and depreciated or charged against the depreciation reserve if such an account is kept. The subjective nature of these standards resulted in considerable controversy between taxpayers and the IRS on the issue of repairs vs. capitalization.IRS rules and regulations provide that a taxpayer may deduct amounts paid for repairs and maintenance to tangible property if the amounts paid are not otherwise required to be capitalized. Determining if they are to be capitalized or not is where the time consuming process comes in. Under the rules, a taxpayer generally must capitalize the related amounts paid to improve a unit of property owned by the taxpayer - and a unit of property is improved if the amounts paid for activities performed after the property is placed in service by the taxpayer are for a betterment to the unit of property, restore the unit of property, or adapt the unit of property to a new or different use, or of course, purchase a new item (ie tools or equipment) that must also be capitalized.The regulations also provide rules for determining the appropriate unit of property; rules for leasehold improvements; special rules for determining improvement costs in particular contexts, including indirect costs incurred during an improvement, removal costs, aggregation of related costs, and regulatory compliance costs; a safe harbor for small taxpayers; a safe harbor for routine maintenance costs; rules for determining whether amounts are paid for betterments to the unit of property; rules for determining whether amounts are paid to restore the unit of property; rules for amounts paid to adapt the unit of property to a new or different use; an optional regulatory accounting method; an election to capitalize repair and maintenance costs consistent with books and records; the treatment of amounts capitalized under the regulations; the recovery of amounts capitalized under the regulations; and rules for accounting method changes to comply with rules for improvements.Do you have a headache yet? Please have patience with us, we do our very best to keep on top of these rules and regulations and review any and all updates so that we can help YOU stay in compliance and get the best possible tax deductions we can for you. Please understand that these rules are very extensive and very time consuming to comply with. We will make every attempt to minimize your burdens, however, we will need your cooperation by providing us with more information than you have ever provided in the past, just to comply with the minimum requirements of these new rules.__________________________________________________________(Insert your company name - hereafter referred to as "Company")It is the adopted policy of this company, for both book and Federal income tax purposes, the following policy regarding capitalization expenses for the year beginning January 1, 2019. In accordance with Internal Revenue Code Sections 167 and 168 and related Regulations, this Company has determined that amounts whose individual cost (including tax, installation and delivery costs) does not exceed $2,500.00, will be deducted as incurred as an operating expense. Amounts exceeding this dollar limit will be examined individually to determine if their use or purpose requires capitalization under the betterment, adaptation or restoration rules used by the Internal Revenue Service and will be capitalized or expensed as incurred as a result of the application of those rules."?_______________________________________________________________________ Signature of Duly Authorized Owner Printed Name of Authorized Owner3333758255000FIXED ASSET QUESTIONS(Buildings, Improvements, Furniture, Fixtures, Equipment, Vehicles, etc.)Please Provide Detailed Information for any individual item with a cost of $2500**** Must have adopted a Capitalization Policy - please complete the prior pagea. Were any fixed assets scrapped and/or stolen during the year? □Yes □No b. Were any fixed assets traded during the year? □Yes □No c. Did you purchase any fixed assets during the year with personal funds? □Yes □No d. Were any fixed assets sold during the year and the money not deposited □Yes □No into your business checking account?e. Did you purchase any assets from (out of state locations, internet, etc.) for □Yes □No which you did NOT pay sales tax? (if yes, please provide receipts)f. Did you purchase any assets you have not previously told us about? □Yes □Nog. Did you purchase any buildings, other real property or make any building improvements? □Yes □Noh. Did you make any repairs or improvements to buildings or structural components during □Yes □No the year in with a cost of $200 or more? If yes, provide copies of all receipts. Did you make any repairs costing $200 or more, to any equipment or other fixed □Yes □No assets during the year (unless you have a policy which allows for a $2500 limit for the current year)? If yes, provide copies of all receipts.If “YES” to any question above, please provide more details on a separate sheet of paper and provide copies of all sales invoices, purchase receipts, to explain or support the correct reporting of the item.2286009017000NOTES, CONTRACTS, LOANS AND MORTGAGES PAYABLE – Business Related ONLYOwed to Whom?For What?Date & OriginalAmount OwedTotal #payments this yearInterestExpense this yearMonthlyPaymentAmountPrincipalBalance of NoteAs of year endPlease contact the lender for a printout, showing all payments for year, broken down by principal andinterest payments. The printout should also show the remaining principal balance at the end of the year. Please attach all detail. BUSINESS DEDUCTIONS FOR OUT-OF-POCKET EXPENSESTaxpayer: Tax Year: Period from: / / to / / The purpose of this worksheet is to aid in the compilation of your out-of-pocket expenses, paid by personal credit card, personal checking account or cash for the tax year stated above. Please attach receipts ONLY for equipment, materials and supplies or other asset type items that exceed $200 per individual item. Do not include expenses that have been recorded or reimbursed through your business checking account.GeneralBusiness CardsClericalComputer SuppliesCustomer ListsGiftsOffice SuppliesPostagePhotocopyingPrintingRepairs – Equip.ShippingStationeryOther Other Other Other TOTAL44551603823335EquipmentAttaché CaseCalculatorCameraDeskChairFiling CabinetCell PhoneSoftwareRecording DevicesTelephoneOtherTOTAL00EquipmentAttaché CaseCalculatorCameraDeskChairFiling CabinetCell PhoneSoftwareRecording DevicesTelephoneOtherTOTAL445516027305TelephoneLong Distance-Busn ONLYFaxesInternet Phone ProgramCellular2nd Line in home for businessBeeper/Pager/Text ServicesAnswering ServiceOtherTOTAL00TelephoneLong Distance-Busn ONLYFaxesInternet Phone ProgramCellular2nd Line in home for businessBeeper/Pager/Text ServicesAnswering ServiceOtherTOTALProfessionalDuesE & O InsuranceLegal &ProfessionalLicensesMembershipsPublicationsSeminarsContinuing EducResumesOtherOtherOther Other TOTAL28575083820000044564301083945Travel & MealsHotelsAir fareCar RentalOtherMeals – Business CelebrationEvents ONLYConvenienceMeals–Business Related onlyTOTAL00Travel & MealsHotelsAir fareCar RentalOtherMeals – Business CelebrationEvents ONLYConvenienceMeals–Business Related onlyTOTAL750570-81724500750570-64198500Other Information6 28638534226500 Car and Truck Expenses WorksheetTaxpayer Name: Tax Year: Vehicle Information Vehicle 1 Vehicle 2 Vehicle 3Do you have a company car titled in thename of your business? YES NO YES No YES NODo you use your personal vehicle forBusiness or servicing your rental? YES NO YES NO YES NOIndicate which type of vehicle you are listing expenses for:322326033020003680460330200047091603302000516636033020006080760330200065379603302000“B” Business“P” PersonalBPBPBP310642011747500447802011747500585025511747500Make and Model of vehicle310705514287500447929014287500585089014287500Date placed in service310705514287500447865514287500585089014287500Purchased New or Used310705514287500448056014287500585216014287500Type of vehicle – Auto/Truck/SUV448056014287500585152514287500Gross Vehicle Weight (Very Important) 586676512319000448564012319000Cargo Area Length (Truck Bed) 584962011430000447738511430000310515011430000Total miles for the year310451514287500447738514287500584962014287500Business miles for the Period: 1/1 - 12/31310451514287500447738514287500584962014287500Personal miles for the Period: 1/1 - 12/31Is another vehicle available for personal use?Was the vehicle available for personal use during off-duty hours? YES NO YES NO YES NO YES NO YES NO YES NOWas the vehicle used primarily by amore than 5% owner or related person? YES NO YES NO YES NOIs there evidence to support the business use claimed? YES NO YES NO YES NOIf “Yes”, is the evidence written? YES NO YES NO YES NOWas the vehicle leased? YES NO YES NO YES NOExpenses310578514287500447802014287500585025514287500Gasoline, oil, repairs, insurance, etc.310705527241500447865527241500585089027241500Vehicle registration, license (excluding property taxes)310705514287500447865514287500585089014287500Vehicle lease or rental feesWas vehicle financed?_______YES _______NO_______YES _______NO_______YES _______NO310642014287500447865514287500585025514287500Interest paid for the yearProvided by: YOUR FIRM NAMEHOME OFFICE DEDUCTIONIn general, a taxpayer may deduct business expenses that apply to a part of his or her home ONLY if that part of the home is used EXCLUSIVELY and on a REGULAR BASIS for business purposes. This is defined by the IRS as either the principal place of business (no other workplace provided) for the taxpayer’s trade or business, or as a place of business used by patients, clients, or customers to meet or deal with the taxpayer (business owner) in the normal course of business, except for storage space for inventory. “Principal place of business” also includes space that is used exclusively and regularly for administrative and management activities if the taxpayer has no other fixed location where he or she conducts business activities.Not all items relating to the home are includable for the home-office deduction. Many items that can already be included on Schedule A, such as mortgage interest and real estate taxes, can be allocated using the square footage method and then be deductible as a home office expense. However, they cannot be deducted in full in both places. Some home improvements may be includable as home office expenses (to be depreciated over time), such as a new roof or major structural improvements, while other modifications may not be included. If an improvement is not related to the home office, such as new flooring in other spaces in the home, it is not deductible as a home office expense. Improvements that are includable differ in terms of the way in which they are reported and the benefit. Items, such as shelving specifically for the office space, are fully 100% includable and, in fact, should be reported as a deductible business expense and not a home office expense. Items that benefit the entire house, such as a new roof, are reported as home office expenses. Separate structure - an exception to principal place of business test may be applicable. The principal place of business test is not required if the area in the home used for business is a separate, free-standing structure, such as a studio, garage, or barn. The area must still meet the regular and exclusive use tests.All taxpayers need to keep good records on a number of issues. Good documentation of the home’s basis and any adjustments to the basis will need to be maintained. Information regarding qualification for the home-office deduction needs to be properly computed and retained by the taxpayer. This is especially true, because returns utilizing the home office deduction tend to be audited at a higher rate.A word of caution is needed regarding the home-office deduction. Taking the deduction, although it may produce a tax savings each year the business operates out of the home, may end up costing the taxpayer in future years if the home is sold at a gain. The new rules for calculating any gains on the sale of the taxpayer’s principal residence are complex. The relationship between the benefits of home-office deductions and the tax-free exclusions of any gains on the sale of a principal residence involve careful tax planning and record-keeping.The rules and benefits can be different for each taxpayer based upon their own facts and circumstances. While some taxpayers may benefit from the home-office deduction, other taxpayers may be better advised to forego the home-office deduction. By establishing a work space that does not qualify (i.e., no exclusive use), the office expenses for the self-employed taxpayer will still be deductible business expenses without complicating the process with many of the problems and record-keeping requirements associated with the home-office deduction.Simplified Option for Home Office DeductionThere is a simplified option when figuring the deduction for business use of the home.? A standard deduction of $5 per square foot of home used for business, limited to 300 square feet.? Allowable home-related itemized deductions, such as mortgage interest and real estate taxes, are claimed in full on Schedule A.? No home depreciation deduction or later recapture of depreciation for the years the simplified option is used.Taxpayers may use the simplified, regular or "Safe Harbor" method for any tax year. The method is chosen by using that method on a timely filed tax return. Once a method is chosen for a tax year, it cannot be changed.Note: The simplified option simplifies recordkeeping but does not change the criteria for who may claim a home office deduction.NOTE FOR CORPORATE OWNERS – A home office deduction is NOT available to you in the same manner as a self-employed business owner. The corporation may pay you (the homeowner) a “reasonable rent” for the space (that would otherwise qualify if this is your ONLY place of business, however, the rent may be subject to sales tax (if applicable in your state) AND you must report this rent as Income on your personal return. Further, you may ONLY deduct applicable mortgage interest and real estate taxes and NO OTHER EXPENSES!Careful planning should be done at the beginning of each tax year which may necessitate the adoption of an "Accountable Plan" to handle reimbursements from a corporation to a corporate shareholder who may operate the business from the shareholders personal residence. Please contact our office if this situation applies to you.BUSINESS OFFICE IN HOME[ ] Check the box and skip this section if you are NOT claiming a BUSINESS OFFICE IN HOME, otherwise provide the following information:If you wish to claim a home office under the "Safe Harbor" method, please check here Total Square footage of home____________________Square footage used for business____________________If you wish to claim a deduction for a traditional office in home, please check here, complete thesquare footage information above and complete the following: Have you paid any home expense through your business? If so, please advise which expenses. (Provide a detailed listing) Yes No Is there a separate area in the home that is used exclusively for business? If “YES,” please complete below. If “NO,” please contact our office. Yes No Is your home office a separate structure from your home (i.e. garage, barn, etc.) Yes NoDay Care business – provide # of hours for this tax year that Business was open _____________(# hours/day x # days/week x # weeks per year you are open)Date you started using home for business _____________Costs of using and maintaining home:Real Estate taxes______________________________Mortgage Interest______________________________Lights______________________________Heat______________________________Water ______________________________Home Insurance______________________________Exterior Painting______________________________Repairs for the benefit of the entire home______________________________Rent______________________________Repairs to business portion only______________________________Other expenses - business portion only______________________________Carryover of operating expenses from prior years (per prior year tax return)______________________________Carryover of depreciation from prior years (per prior year tax return)______________________________OFFICE-IN-HOME DEPRECIATION STATEMENTHome or Other ImprovementsDate AcquiredCost BasisLand ValuePrior DepreciationMethodRate or LifeBy signing the declaration below, I certify that I have been informed of the Office-In-Home rules and hereby elect to take the Office-In-Home deductions as indicated above.Declaration: My signature below indicates that I have reviewed the information contained in this questionnaire with regard to the various business income and expense documentation requirements and assert that I have the documentation required to claim the expenses presented. To the best of my knowledge, all information presented for tax preparation is true, correct and complete and should be utilized to complete the business schedules included in my personal tax return. I also acknowledge that I have reported all income received, for the tax year in question, including barter, crypto-currency, consumer-to-consumer activity, cash based revenues and all other income whether received in-person, in-kind, or electronically. I also confirm that I will timely file any applicable Forms 1099-Misc forms with the Internal Revenue Service and any applicable W-2 and W-3 forms with the Social Security Administration.________________________________________________________________Taxpayer’s Printed NameDate____________________________________________Taxpayer’s Signature ................
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