What info does my Full Service tax expert need about my business?
When you’re a sole proprietor, you have business income and expenses that need to be reported on a Schedule C.
If you use accounting software to track income and expenses, you can upload your profit and loss statement to your tax expert. If you don’t use accounting software, give us your income and expense info in an organized and complete manner. Don’t include individual receipts.
Select the items applicable to you 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 qualify
Advertising costs, including business cards and websites
Fees for attorneys, consultants, accountants, and other professionals
Liability insurance, errors and omissions insurance, and surety bonds
Credit card and bank fees
Health care premiums
Inventory, materials, supplies, equipment, tools, and furniture
Other expenses
Rent paid for business property, land, and buildings
Rent paid for equipment, machinery, copiers, and office furniture
Utilities including gas, water, and electricity
If these are also used for your personal life, only the amount used for your business is allowed as an expense
Repairs and maintenance expenses
Mortgage interest for business mortgage loans
Interest paid for business loans
Payroll taxes
Health insurance for you and your family
Payments made to independent contractors
Meal and travel expenses
Meals for business meetings
Meals for you and employees when traveling
Flights, taxis, rideshares, rental cars, and lodging
Employee expenses
Wages paid to employees
Insurance premiums for employees
Payments made to a retirement plan on your employees’ behalf
