https://ttlc.intuit.com/community/income/help/what-info-does-my-full-service-tax-expert-need-about-my-business/01/2763185#M8546 <P>When you’re a sole proprietor, you have business income and expenses that need to be reported on a Schedule C.&nbsp;</P> <P>If you use accounting software to track income and expenses, you can upload&nbsp; your profit and loss statement to your tax expert. If you don’t use accounting software, you’ll need to give us your income and expense info in an organized and complete manner. Don’t include individual receipts.</P> <P>Select the items below to learn what totals to give to your Full Service tax expert.</P> <DIV class="expandable"> <A data-toggle="collapse" class="collapsed" href="#details_without_placeholder_tagscollapse0" rel="nofollow" target="_self"><H4 class="section-title expandable-title">Income</H4></A> <DIV class="section-content collapse" id="details_without_placeholder_tagscollapse0"> <UL> <LI>Cash</LI> <LI>Credit Card payment amounts</LI> <LI>All 1099 forms you received related to your business <UL> <LI>Let your expert know if you’ve included these amounts in other payment forms</LI> </UL></LI> </UL> </DIV> </DIV> <DIV class="expandable"> <A data-toggle="collapse" class="collapsed" href="#details_without_placeholder_tagscollapse1" rel="nofollow" target="_self"><H4 class="section-title expandable-title">Common expenses</H4></A> <DIV class="section-content collapse" id="details_without_placeholder_tagscollapse1"> <UL> <LI>Communication costs including mobile phones, data plans, internet or wireless services, land or fax lines, long-distance charges, voicemail or answering services, and call waiting <UL> <LI>If you use these for your personal life, too, only the amount used for your business is allowed as an expense</LI> </UL></LI> <LI>Office supplies, software, stamps, envelopes, shipping materials, and cleaning supplies</LI> <LI>Licenses or permits required for your profession</LI> <LI>Fees and membership dues paid to professional associations or unions</LI> <LI>Education or certification related to your profession</LI> <LI>Gas for your vehicle <UL> <LI>Regular commuting to and from a fixed office wouldn't qualify</LI> </UL></LI> <LI>Advertising costs, including business cards and websites</LI> <LI>Fees for attorneys, consultants, accountants, and other professionals</LI> <LI>Liability insurance, errors and omissions insurance, and surety bonds</LI> <LI>Credit card and bank fees</LI> <LI>Health care premiums</LI> <LI>Inventory, materials, supplies, equipment, tools, and furniture</LI> </UL> </DIV> </DIV> <DIV class="expandable"> <A data-toggle="collapse" class="collapsed" href="#details_without_placeholder_tagscollapse2" rel="nofollow" target="_self"><H4 class="section-title expandable-title">Other expenses</H4></A> <DIV class="section-content collapse" id="details_without_placeholder_tagscollapse2"> <UL> <LI>Rent paid for business property, land, and buildings</LI> <LI>Rent paid for equipment, machinery, copiers, and office furniture</LI> <LI>Utilities including gas, water, and electricity <UL> <LI>If these are also used for your personal life, only the amount used for your business is allowed as an expense</LI> </UL></LI> <LI>Repairs and maintenance expenses</LI> <LI>Mortgage interest for business mortgage loans</LI> <LI>Interest paid for business loans</LI> <LI>Payroll taxes</LI> <LI>Health insurance for you and your family</LI> <LI>Payments made to independent contractors</LI> </UL> </DIV> </DIV> <DIV class="expandable"> <A data-toggle="collapse" class="collapsed" href="#details_without_placeholder_tagscollapse3" rel="nofollow" target="_self"><H4 class="section-title expandable-title">Meal and travel expenses</H4></A> <DIV class="section-content collapse" id="details_without_placeholder_tagscollapse3"> <UL> <LI>Meals for business meetings</LI> <LI>Meals for you and employees when traveling</LI> <LI>Flights, taxis, rideshares, rental cars, and lodging</LI> </UL> </DIV> </DIV> <DIV class="expandable"> <A data-toggle="collapse" class="collapsed" href="#details_without_placeholder_tagscollapse4" rel="nofollow" target="_self"><H4 class="section-title expandable-title">Employee expenses</H4></A> <DIV class="section-content collapse" id="details_without_placeholder_tagscollapse4"> <UL> <LI>Wages paid to employees</LI> <LI>Insurance premiums for employees</LI> <LI>Payments made to a retirement plan on your employees’ behalf</LI> </UL> </DIV> </DIV> <DIV class="ISH_suggestedInformation"> <H2>Related Information:</H2> <UL> <LI><A href="https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/turbotax-live/L1cNete6Z_US_en_US" target="_blank">What is TurboTax Live?</A></LI> <LI><A href="https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/turbotax-2021-online-product-guide/L4W1whADj_US_en_US" target="_blank">TurboTax 2021 Online product guide</A></LI> <LI><A href="https://ttlc.intuit.com/turbotax-support/en-us/help-article/diagnostics/forcefully-uninstall-turbotax-windows-8-1-10-11/L02V7GKz3_US_en_US" target="_blank">Forcefully uninstall TurboTax for Windows 8.1/10/11</A></LI> </UL> </DIV> Wed, 10 Aug 2022 03:12:55 GMT TurboTax Help 2022-08-10T03:12:55Z https://ttlc.intuit.com/community/income/help/what-info-does-my-full-service-tax-expert-need-about-my-business/01/2763185#M8546 When you’re a sole proprietor, you have business income and expenses that need to be reported on a Schedule C.&nbsp; If you use accounting software to track income and expenses, you can upload&nbsp; your profit and loss statement to your tax expert. If you don’t use accounting software, you’ll need to give us your income and expense info in an organized and complete manner. Don’t include individual receipts. Select the items below to learn what totals to give to your Full Service tax expert. Income Cash Credit Card payment amounts All 1099 forms you received related to your business Let your expert know if you’ve included these amounts in other payment forms Common expenses Communication costs including mobile phones, data plans, internet or wireless services, land or fax lines, long-distance charges, voicemail or answering services, and call waiting If you use these for your personal life, too, only the amount used for your business is allowed as an expense Office supplies, software, stamps, envelopes, shipping materials, and cleaning supplies Licenses or permits required for your profession Fees and membership dues paid to professional associations or unions Education or certification related to your profession Gas for your vehicle Regular commuting to and from a fixed office wouldn't... Wed, 10 Aug 2022 03:12:55 GMT https://ttlc.intuit.com/community/income/help/what-info-does-my-full-service-tax-expert-need-about-my-business/01/2763185#M8546 TurboTax Help 2022-08-10T03:12:55Z