Prepared By: I & S Tax Service LLC. Gross Receipts and Sales (Total income for this tax year) Returns & Allowances (Refunds to customers) Beginning Inventory.

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Presentation transcript:

Prepared By: I & S Tax Service LLC

Gross Receipts and Sales (Total income for this tax year) Returns & Allowances (Refunds to customers) Beginning Inventory (if any) (Always 0 in first year of business Purchase of items to resell as they are Personal Use Items Cost of Contract Labor (No employee Wages) Cost of Materials that went into your finished product Ending Inventory

Advertising Bad Debts Commissions Medical Reimbursement Plan Education Reimbursement Plan Employee Reimbursements Insurance (except Health, Home or Auto) Interest (except Home or Auto) Legal/Professional Office Expenses Pension Plans

Rent of Vehicle/Equipment Rent of Property (except Home) Repairs & Maintenance Supplies Taxes & Licenses Travel Expense Meals & Entertainment (requires written backup) Utilities (other then Home) Phone (business only) Wages (paid by business/w-2’s filed) Other