A checklist to have your form filing process smooth!
- Business information: The legal name, address, and employer identification number (EIN) of the business.
- Business activity: A brief description of the type of business conducted.
- Accounting method: Indicate whether you use the cash or accrual accounting method to report income and expenses.
- Income: Report all business income, including sales, services, and any other revenue generated by the business.
- Expenses: Deductible expenses related to the operation of the business, such as supplies, advertising, rent, utilities, insurance, and other business-related costs.
- Cost of goods sold (if applicable): If your business involves selling products, you need to calculate the cost of goods sold using methods allowed by the IRS.
- Home office deduction (if applicable): If you use a part of your home exclusively for business purposes, you may be eligible to claim a deduction for the home office expenses.
- Vehicle use (if applicable): If you use a vehicle for business purposes, you may be able to deduct expenses related to the business use of the vehicle.
- Other deductions: Any other deductions directly related to the business.