Business or Profession
IRS Activity Code
This information can be found at
www.naics.com if necessary. The IRS activity code is important for reporting on
your tax returns. This allows the IRS to assess your income and expense ratios against other companies in your industry. For example, realtors will have higher mileage
deductions than retailers.
Business City, State, Zip
Business EIN, or NA
LLC Formation Date, or NA
S Corp Election, or NA
Are there multiple owners or partners in your business? Your spouse will count as a partner if they have any ownership interests in the business as well. If
this applies to you, please detail the other owners with addresses, social security numbers and ownership percentages-
Did you start your business in this tax year? If so, did you transfer any equipment, tools, computers, office furniture, etc.
from personal use to business use? Please describe below including values at time of transfer-
Did you have startup costs such franchise fees, equipment purchases, attorney fees, formation fees, etc.? If so,
please describe them below-
During this tax year, did you purchase any equipment, office furniture, client lists, etc.? If so, please provide copies of invoices or sales
agreements, and summarize below-
If your business owns a vehicle that you use personally, you might have to consider that benefit taxable income. Unless your business needs a vehicle for nearly
100% business use, you are typically better off owning it personally and getting reimbursed through an Accountable Plan.
There might be situations where charging your company a lease rate for the use of your automobile provides a better tax position than the mileage
deduction / reimbursement.
Sales / Income
* All 1099s must be separately reported on your tax return and tied to your business. If a 1099 is received in your SSN but you use an EIN to file your
tax returns, we will nominate this income from your SSN to your EIN. In all cases, please send all copies of your 1099s so we can properly record these.
Did you receive a 1099-K from a merchant service such as Amazon or Paypal? These forms typically only include gross sales. If you received one, please
describe any personal activity, returns, chargebacks or refunds that are erroneously included on the 1099-K below-
Jan 1, Beg Inventory
Dec 31, End Inventory
The IRS is a bit out of touch (shocking, we know), but to ensure accuracy and proper reporting on your tax returns
here is the list of common expenses in the order that appears on your Schedule C. Additional expenses follow this list.
Meals and entertainment when visiting with a client or prospect is deductible at 50 percent. Please provide the entire amount
spent, and we will reduce the amount according to IRS rules. Meals and entertainment at 100 percent is reserved for things
like company parties and meetings.
Utilities (not home office)
Wages (see below)
The IRS requires paid tax professionals and CPAs to ask all taxpayers who deduct travel, meals and entertainment expenses if they
have proof or supporting evidence of the expense and the business connection.
* Do you have proof of your travel, meals and entertainment expenses?
Shared Expenses (Mileage, Home Office, Cell Phone)
Shared expenses are those expenses that you use both personally and for business. The most common are mileage for your personal automobile, home office expense,
cell phones and internet. It is nearly impossible to consider your automobile, cell phone and internet to be 100% business use unless you own two automobiles,
cell phones, etc. There are two situations for reporting shared expenses. First, if you are a corporation or partnership using this form to submit your
business activities then you must use the Accountable Plan expense reimbursement form.
Second, if you a single member LLC, a husband and wife partnership or a sole proprietor we need two additional forms for deducting automobile expenses and
mileage, and the business use of your home (home office). Once you complete this Business Worksheet, you will be directed to our home page of Online Submit
Forms, or you can click on the fancy buttons below to open a separate browser window-
In addition to the automobile expenses and home office, please tell us the business portion of your cell phone and internet expenses.
Cell Phone (Business Use)
Internet (Business Use)
Health Insurance, HSA, LTC
Self-Employed Health Insurance (SEHI), Long-Term Care (LTC) and Health Savings Accounts (HSA) is a deduction to all small business owners, including coverage for spouse
and family. It is a direct deduction on page 1 of your Form 1040, and is not subjected to income thresholds and phaseouts associated with Schedule A
(good news). However, if these health related expenses DO NOT reduce self-employment taxes unless you have a Health Reimbursement Arrangement (HRA). Please
contact us if you have an HRA.
Also, if you are an S Corporation then these expenses must be handled by adding the amount to Box 1 of your W-2. Please let us know
if this applies to you, and we do NOT perform payroll services for you.
Sorry, we have to ask. The rule is- if you paid more than $600 in rents, services (including parts and materials) or other income payments to
any individual or LLC in connection with your trade or business, you are required to complete a 1099-MISC. You also must submit it to the IRS and
mail a copy to the recipient. 1099s are typically required to be sent by January 31. Later submissions are allowed but might incur penalties.
1099-MISCs are not required to be sent to corporations.
Did you make payments that require filing a 1099?
If Yes above, have you filed the required 1099s?
S Corp Election
If you are not an S Corporation but you are earning more than $30,000 per year after expenses, you might want to consider
making an S Corp election. We can retroactively make this election to January 1 of this tax year and save 6 to 8 percent in taxes.
Do you have a SEP IRA or 401k plan? If so, please detail the contribution amounts made throughout the year, the type of
contribution (SEP IRA, 401k profit sharing, etc.), and the dates below-
Did you want us to compute the max SEP IRA or 401k contribution?
Do you want guidance on retirement plans?
Jan 1 Cash Balance
Dec 31 Cash Balance
Jan 1 A/R Balance
Dec 31 A/R Balance
Do you recognized income when you are paid (cash based), or when you invoice a customer (accrual based)? It is not uncommon nor is it incorrect
to use an accounting package such as QuickBooks to track open invoices and manage your Accounts Receivable, yet use a cash method of accounting.
Please describe your system below-
Loan Balances (if applicable)
Jan 1 Loan Balance
Dec 31 Loan Balance*
* Please provide an amortization schedule or some other document detailing the principal payment and the interest payment for the year.
During this tax year, did you receive any new loans or payoff any loans? If so, please include a detailed payment schedule and describe the circumstances below-
During this tax year, did you lend money or make any business loans? If so, please include a detailed payment schedule and describe the circumstances below-
Please select the tax year that this information is associated with. In addition, please enter your name so we can group your submissions together plus your email address.
Click the Submit button below to securely and safely send this information to us. You can submit as many forms as needed. If you later discover an error- simply re-submit your
information and check the box below letting us know.
Is this submit form an update to a previous submission?
Tax Year 2020