Tax Reducers Organizer - Business Income

A Sole Proprietorship Business is one that you operate with no partners other than your spouse. If you had a partner, you will need to file a Partnership Return (FF1065). If you operate as a corporation, you will need to file a Corporate Return (FF1120 or FF1120S).

Please provide the following information about your business:

Total Sales - All the money you actually received during this tax year. If you are operating as an accrual basis business (you will know this if you are), include all billings whether or not the customer has paid you.

Cost of Goods Sold - If you bought and sold items either retail or wholesale

- Beginning Inventory - Dollar value of goods on hand on January 1st

- Purchases of Inventory - What you paid for resellable items you purchased

- Materials and Supplies - If you are manufacturing the inventory items

- Manufacturing Wages - If you are manufacturing the inventory items

- Other Costs of Purchase - Shipping and other costs of purchase

- Ending Inventory - Dollar value of goods on hand on December 31st

Indicate if you are using Cost, Lower of Cost or Market, or some other method of inventory valuation. Tell us if you changed valuation methods during the year.

Operating Expenses (include ONLY items actually paid during this tax year)

- Wages Paid (do not include draws for yourself or wages owed but not paid)

- Rent - If you had an office in the home, click here for additional instructions

- Telephone

- Office Supplies

- Interest Paid

- Repairs

- Taxes

- Licenses

- Advertising

- Insurance

- Accounting

- Travel

- Utilities

- Printing

- Professional Books/Magazines

- Tools

- Postage/Freight

- Software

- Other business-related expenses

Assets Purchased (with purchase dates, amount paid and descriptions of each item)

- Computer Equipment

- Autos/Trucks (for auto use, see mileage information below)

- Desks/Files/Office Equipment

- Buildings

- Leasehold Improvements

- Manufacturing Equipment

- Other

Leased Assets

- Description of Asset

- Length of Lease

- Date of start of lease

- Lease down payment

- Periodic payment amount

- Buyout amount at lease end (fixed or market)

Automobile/Truck Use by Mile

- Description of Vehicle

- Purchase Date

- Purchase Amount

- Date placed in service

- Total miles driven this year

- Total miles used for commuting

- Total miles for direct business use

- Was this vehicle available for personal use?

- Did you have another vehicle for personal use?

- Do you have written records documenting your usage?