Individual & business+(business property+employees)
This is for individual tax return, or a business that has employees or independent contractors, and property for the business:
1. Personal information includes your previous year income tax (new client only), or your Name, address, Social Security #, date of birth for yourself and if applicable for your dependents and spouse, and bank details should you required direct deposit for your rebate. 2. Your income and that of your spouse if applicable. Income such as wages on W-2, unemployment, last tax rebate from state and local, Foreign-earned income such as wages or salaries, alimony income, gambling income, supplemental wages, pension or annuity payments, and social assistance income. 3. Income from self-employed businesses that neither have employees/independent contractors, nor property for the business: a gross amount received without subtracting any costs, income receivable (amount yet to be paid to your business by client(s) for the services your business already performed), partial or full refund your business made back to clients for services that did not meet the client's expectations (this is deductible), business 1099-INT, 1099-NEC, 1099-K, rental income, fuel tax credit or refund and other income such as interests, etc. 4. If your business is into tangible items: Cost of goods sold is a deductible business expense. You will provide the total dollar amount of direct costs associated with producing or acquiring the goods that your business trades with during the tax year, including cost of raw materials and direct labor. It is derived by calculating the dollar amount of the list of items the business begins the tax year with + dollar amount of purchases of items during the tax year, less (minus) the dollar amount of the list of items left in the business at the end of the tax year. A clear and consistent approach to valuing your inventory and accounting for costs is important. 5. Expenses: dependent childcare costs, tax return preparation fee, home equity loan interest, employment related expenses such as uniforms and PPE such as protective clothing, hard hats, safety shoes, glasses etc., gambling losses up to the gambling income you claimed, any contribution towards a designated Roth IRA, advertising for your business, computer and internet expenses, business insurance, transportation and travel expenses including mileage, parking, tolls, airfare for any flights, meals, hotel costs, taxi fares and tips you paid, including phones, fax and landline related to the business, homeowners’ insurance premiums for rental properties, health insurance, utilities, business-use vehicle lease expense, office space rent, office supplies such as pens, paper, staples, and other consumables, cost of home if office is in your home, cost of separate improvements and first date of business use, square of the home and the office space, homeowners’ insurance, mortgage interest on building owned by business, business loan interest, investment expense and interest, any fees paid to lawyers, accountants, and consultants, business insurance, commissions and fees, information about net operating loss carryforward, and any other expenses.6. Labor expenses paid to subcontractors or independent contractors, and depreciation & amortization expenses such as the cost of tangible and intangible assets of the business, beginning date of business use of the assets, Salvage value or an estimated worth of the business asset, and if sold provide the price and date it was sold, what prior depreciation was.Tax return types
