Step 1: Gather your Forms and Resources
Please select your business structure to see what forms you should have
Step 2: Income
(Schedule C: lines 1 to 7 / 1120s: lines 1 to 6)
Please answer the following questions:
2. Did you include cash or app payments in your gross income?
3. Did you include any expenses in 'Costs of Goods Sold'?
4. Did you list any expense under 'Other Income'? (Schedule C line 6 / 1120s line 5)
Step 3: Commonly Missed Expenses
(Schedule C: Part II / 1120s: lines 7 to 21)
Please select 'Yes' if you have included the following expenses in your tax return or 'No' if you haven't:
1. Advertising and Marketing (Schedule C line 8 / 1120s line 16)
2. Office Supplies (Schedule C line 18 / 1120s line 19 – other deductions)
3. Legal and other professional services (Schedule C line 17 / 1120s line 19)
4. Wages, if there are W-2 Employees (Schedule C line 26 / 1120s lines 7 and 8)
5. Supplies (Schedule C line 22 / 1120s line 20)
Step 4: Expenses
(Schedule C: Part II / 1120s: lines 7 to 21)
Please select 'Yes' if you have included the following expenses in your tax return or 'No' if you haven't:
6. Contract Labor (Schedule C line 11 / 1120s line 19)
7. Travel and Meals (Schedule C line 24 / 1120s line 19)
8. Taxes and Licenses (Schedule C line 23 / 1120s line 12)
9. Insurance (Schedule C line 15 / 1120s line 19)
10. Utilities (Schedule C line 25 / 1120s line 19)
Step 4: Expenses (Continuation)
(Schedule C: Part II / 1120s: lines 7 to 21)
Please select 'Yes' if you have included the following expenses in your tax return or 'No' if you haven't:
11. Rent or Lease Payments (Schedule C line 20b / 1120s line 19)
12. Repairs and Maintenance (Schedule C line 21 / 1120s line 9)
13. Employee Benefit Propgrams (Schedule C line 14 / 1120s line 18)
14. Pension and Profit-Sharing Plans (Schedule C line 19 / 1120s line 17)
15. Interests: Mortgage (Paid to Banks, etc.) (Schedule C line 16a / 1120s line 13):
Step 5: Other Expenses
(Schedule C: Part II / 1120s: lines 7 to 21)
Please select 'Yes' if you have included the following expenses in your tax return or 'No' if you haven't:
16. Other Interests (Schedule C line 16b / 1120s line 13)
17. Commissions and Fees (Schedule C line 10 / 1120s line 19):
18. Depletion (Schedule C line 12 / 1120s line 15):
19. Rent of vehicles, machinery or other tanglible assets (Schedule C line 20a / 1120s line 19):
20. Car and Truck Expenses (Schedule C line 9 / 1120s line 19):
Step 7: Depreciation and Amortization
(Schedule C: line 13 / 1120s: lines 14)
Please answer the following questions:
1. Did list any depreciation on your tax returns? (Schedule C line 13 / 1120s line 14)
2. Is there a car under depreciation? (Form 4562 Section V, Lines 26 and 27)
a) Is the Parcentage use of the car 100%?
b) Are you tracking all your actual expenses for the car (fuel, oil, tune-ups, etc.)?
3. Do you have any item for above $2,500 or is your overall depreciation more than $2,500?