The Business Advantage
Tax Preparation Form - Business
Accounting FOR Business TAX pREPARATION
For Self-employment and businesses you own
Only fill in categories that apply to you.
Reimbursements – Amounts client or employee will pay back, or has paid ahead of time. No mark up on price. This is actually the client’s or the employee’s expense you handled for them. Not included for taxes.
Draws – Amounts taken for personal purposes. Not included for taxes.
____________ Income – Money received for goods or services.
____________ Inventory purchased current year - Includes Materials, Freight, and purchases of items that will stay on the jobsite or leave with the customer.
____________ Year-end Inventory count
____________ Advertising & Promotions - Business cards, ads, Internet posting, etc.
____________ Bank Charges & Merchant Fees
____________ Computer Services – Internet Fees, computer parts and repairs.
____________ Contract Labor – Not employees. You aren’t withholding taxes from their pay. They have their own business and work for other people.
____________ Dues & Subscriptions – Related to your business.
____________ Education, Seminars, and Professional Development – Must be in your current line of business, not a new career.
____________ Gifts – Each gift for business purposes limited to $25 per person per year.
____________ Health Insurance for owners
____________ Health Insurance for employees
____________ Insurance – Business only: Liability, TDI, Worker’s Compensation, Insurance on property that is exclusively business property.
____________ Interest - Only business loans and business credit cards.
____________ Legal and Professional Fees - Includes accounting, attorneys, other professionals, and filing fees, etc.
____________ Meals & Entertainment - Meals or entertainment when you take a customer or vendor to do business, or treat an employee. Meals when traveling away from home for business: off-island or Hana.
____________ Office Expense - Includes Paper, pencils, staples, supplies, Independent secretary, copying, printing, postage, etc.
____________ Pension & Profit Sharing
____________ Rent of equipment and machinery
____________ Rent of real property - Office, shop, storage, etc.
____________ Repairs and Maintenance - Routine maintenance and repair of equipment and machinery, or buildings.
____________ Supplies - For your business. Items that you replace frequently: uniforms, sandpaper, glue, staplers, small tools that don’t last a year, cleaners, etc.
____________ Taxes and licenses - Includes GE, Property Tax on business property only, Payroll taxes, Federal Employer Portion of Taxes, Unemployment, Business License, Professional license, and Permits, but not income taxes.
____________ Telephone - Total for each. Use percentage for business if it has personal use.
____________ Travel away from home for business - Hotel, auto rental, gas for auto rental, airfare, bus, porters, bell boy, laundry, taxi, etc.
Travel needs to be for business purposes. Personal time may be spent, but the majority of the trip needs to be spent on business. Do not count costs for the personal portion of the trip, such as meals or a side trip ticket.
____________ Utilities - Used in business only property. Utilities for office in home are a different category.
____________ Wages – Do not include owner’s wages, unless a corporation. Employees only. Include withholding taxes deducted from their paychecks.
____________ Officer’s Salary – For Corporations only.
____________ Equipment & Tools – Lasts more than one year. Usually costs more than $100.
____________ Improvements to Buildings – Increase the value or life of the property, such as remodeling.
Vehicles - Each vehicle needs its own totals:
____________ Interest on auto loan paid during year
____________ Repairs, Maintenance, Registration, Safety check, etc.
____________ Cost of vehicle, ____________ Date of purchase, _____________ Type
____________ Miles for business other than commuting – Such as seeing clients, running errands, picking up supplies, jobsites, anything to do with your business.
____________ Personal Miles for year – Everything else.
Office in home - Includes shop, day care, storage, etc.
____________ Square footage of room
____________ Square footage of entire home
____________ Day care use hours per day, ___________ Day care use days per week
____________ Home Insurance
____________ Condo and Association Fees
____________ Repairs and Maintenance to entire home
____________ Repairs and Maintenance to office/shop area only
____________ Water – Only if used for business purposes, such as Farming, Fishing, or used in Manufacturing.
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