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Small Business Worksheet

Please select the tax year that this information is associated with.

Ownership

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.

Business Startup

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.

Equipment Purchases

Sales/Income

1099-K

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.

Inventory

General Expenses

IRS Disclosure

Do you have proof of your travel, meals and entertaiment expenses?

Thanks for submitting!

Additional Questions

Additional Expenses

Issue 1099's

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-NEC or 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. 1099s are not required to be sent to corporations.

Did you make payments that require filing a 1099?
If you answered Yes above, have you filed the required 1099's?

Retirement

Do you have a SEP IRA or 401k plan? If so, please detail the contribution amounts made throughout the year, the type of contribution, and the dates below.

If you and your spouse operate the business together, but the business is NOT an LLC, partnership or S Corporation, then it might make sense to split the business activity evenly between taxpayer and spouse to maximize your Social Security benefits. Describe below each persons role in the business.

Thanks for submitting!

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