"Self-employment Tax Organizer Template"

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Self-Employment Tax Organizer – SETO
Introduction
What to bring to your tax appointment
The SETO is based on Schedule C, Profit or Loss from a
The organizer must be completed before
Business or Service. Use this tool to record your
your tax appointment. We cannot prepare your
income and expenses from your self-employment.
tax return without this completed form.
Photo ID for taxpayer and/or spouse.
Eligibility
Social Security card or Individual Taxpayer
Identification Number (ITIN) card/letter for all
Total annual household income of $55,000 or less.
persons listed on the return.
Sole proprietors, independent contractors, and
Birth dates for all persons listed on the return.
single member LLC’s only.
Income statements or forms: W-2, 1099s, and
We do not prepare returns for corporations,
any other tax document.
partnerships, businesses with employees, taxi
drivers, clergy, day traders or returns with income
Copy of last year’s return – this is important
from rental property.
for self-employed taxpayers as it may have
needed information about business use of the
home, equipment purchases, and more.
Documentation
Both spouses must be present for a joint
Organize your income and expense documents from
return.
last year. Examples:
For direct deposit – routing and account
Tax documents to bring to your appointment: Form
information (bring a blank or voided check).
1099-MISC, W-2, and last year’s tax return. Do not
list income from W-2’s on the organizer. This
For a complete list of what to bring go to our
income is added elsewhere on Form 1040.
website, www.prepareandprosper.org.
Supporting documentation you do not need to
TIP:
bring to your appointment: Invoices, receipts,
If your prior year tax return shows the
bank or credit card statements, and mileage logs.
names and Social Security numbers of all
persons to be listed on the current year’s tax
return; this can be used instead of the Social
TIP:
See our website,
Security cards. Of course, you need to bring
www.prepareandprosper.org, for tools such as a
that return to your appointment. We also
mileage logs, income and expense worksheets, tips
accept photographic or digital images of the
on making estimated tax payments, and a cheat
cards.
sheet for filling out the organizer. Check out
irs.gov for useful tools and videos. Key words:
small biz and irsvideos.gov.
Please be considerate of others when booking
appointments; appointments are limited and
there is much demand.
Fill out the form
Use your documents to fill out the organizer with
Contact information
only your self-employment income and expenses.
Tax preparers will use the organizer to input the
Self-Employment Hotline
amounts onto the tax return. The organizer has
651-262-2169
different sections and not all apply to your
Thomas Larson
business. Also, do not round off; use an exact
Self-Employment Manager
amount.
thomas@prepareandprosper.org
If you don’t find a category for an expense feel
651.262.2159
free to write it in the “other” category.
NOTE: Our tax preparation services are in the
The sections are business income, business
lower level of the Court West Building. The
expenses, office in the home, major purchases,
parking lot is located diagonally across the
products sold by seller (inventory), and vehicle
street from the building. Use access code
information.
4321# to enter the lot.
Prepare + Prosper, 2610 University Avenue W, Suite LL, St. Paul MN 55114, www.prepareandprosper.org
Self-Employment Tax Organizer – SETO
Introduction
What to bring to your tax appointment
The SETO is based on Schedule C, Profit or Loss from a
The organizer must be completed before
Business or Service. Use this tool to record your
your tax appointment. We cannot prepare your
income and expenses from your self-employment.
tax return without this completed form.
Photo ID for taxpayer and/or spouse.
Eligibility
Social Security card or Individual Taxpayer
Identification Number (ITIN) card/letter for all
Total annual household income of $55,000 or less.
persons listed on the return.
Sole proprietors, independent contractors, and
Birth dates for all persons listed on the return.
single member LLC’s only.
Income statements or forms: W-2, 1099s, and
We do not prepare returns for corporations,
any other tax document.
partnerships, businesses with employees, taxi
drivers, clergy, day traders or returns with income
Copy of last year’s return – this is important
from rental property.
for self-employed taxpayers as it may have
needed information about business use of the
home, equipment purchases, and more.
Documentation
Both spouses must be present for a joint
Organize your income and expense documents from
return.
last year. Examples:
For direct deposit – routing and account
Tax documents to bring to your appointment: Form
information (bring a blank or voided check).
1099-MISC, W-2, and last year’s tax return. Do not
list income from W-2’s on the organizer. This
For a complete list of what to bring go to our
income is added elsewhere on Form 1040.
website, www.prepareandprosper.org.
Supporting documentation you do not need to
TIP:
bring to your appointment: Invoices, receipts,
If your prior year tax return shows the
bank or credit card statements, and mileage logs.
names and Social Security numbers of all
persons to be listed on the current year’s tax
return; this can be used instead of the Social
TIP:
See our website,
Security cards. Of course, you need to bring
www.prepareandprosper.org, for tools such as a
that return to your appointment. We also
mileage logs, income and expense worksheets, tips
accept photographic or digital images of the
on making estimated tax payments, and a cheat
cards.
sheet for filling out the organizer. Check out
irs.gov for useful tools and videos. Key words:
small biz and irsvideos.gov.
Please be considerate of others when booking
appointments; appointments are limited and
there is much demand.
Fill out the form
Use your documents to fill out the organizer with
Contact information
only your self-employment income and expenses.
Tax preparers will use the organizer to input the
Self-Employment Hotline
amounts onto the tax return. The organizer has
651-262-2169
different sections and not all apply to your
Thomas Larson
business. Also, do not round off; use an exact
Self-Employment Manager
amount.
thomas@prepareandprosper.org
If you don’t find a category for an expense feel
651.262.2159
free to write it in the “other” category.
NOTE: Our tax preparation services are in the
The sections are business income, business
lower level of the Court West Building. The
expenses, office in the home, major purchases,
parking lot is located diagonally across the
products sold by seller (inventory), and vehicle
street from the building. Use access code
information.
4321# to enter the lot.
Prepare + Prosper, 2610 University Avenue W, Suite LL, St. Paul MN 55114, www.prepareandprosper.org
Self-Employment Tax Organizer – SETO
Business or profession:
_________________________________________________
Business name:
_________________________________________________
(If no separate business name, leave blank)
Business address, city, state, zip:
_________________________________________________
Business telephone:
_________________________________________________
Business start date (
):
st
1
day
_________________________________________________
INCOME
Forms 1099 including 1099-MISC and 1099-K
$
Total cash, checks, and credit card payments (to you)
$
Sales tax collected
$
Other income – prizes, incentives or awards
$
Total Gross Income
$
TIP:
Keep separate business accounts (checking or credit) to simplify your finances and your deposits
into these accounts should match, or come close to, your total gross income.
HEALTH INSURANCE PREMIUMS
Did you pay health insurance premiums in 2015?
Yes
No
$
If yes, how much?
TIP:
These premiums, in the name of the business or self-employed taxpayer, may be 100%
deductible. If you received health insurance through the Marketplace (MNSure), bring in Form 1095-A.
ESTIMATED TAX PAYMENTS
Did you pay estimated tax payments to the IRS or Minnesota
Yes
No
Department of Revenue in 2015?
IRS
$
If yes, how much?
MDOR
$
Prepare + Prosper, 2610 University Avenue W, Suite LL, St. Paul MN 55114, www.prepareandprosper.org
Self-Employment Tax Organizer – SETO
EXPENSES
Advertising
$
Business meals
$
Commissions & fees
$
Business travel
$
Business liability insurance
$
Utilities (not household)
$
Interest – business loan or
$
Professional education
$
credit card
Legal and professional fees
$
Bank charges
$
(legal or accounting)
Safety equipment or specialized
Office supplies (paper, toner, etc.)
$
$
clothing
Rent of space or equipment
$
Freight and postage
$
Repairs and maintenance of
Dues or publications for professional
$
$
equipment
organizations
nd
Other supplies
$
Telephone – 2
line into home only
$
Business licenses
$
Cell phone – annual charges
$
Sales tax paid to state
$
Cell phone – business use percent
%
Other (list item)
$
Other (list item)
$
TIP:
For expenses don’t round off, use an exact amount.
EXPENSES: OFFICE IN THE HOME
Space must be used exclusively for the business.
Area used for business or storage
square feet
Total area of house or apartment
square feet
Rent
$
Mortgage interest (homeowners)
$
Real estate taxes (homeowners)
$
Renter or homeowner insurance premiums
$
Repairs and maintenance
$
Gas and electric
$
Water, sewer, garbage
$
Homeowners only:
A) $
A) What was the purchase price of the home?
B)
B) What date was the home purchased?
C)
C) What date was the home first placed into business?
Prepare + Prosper, 2610 University Avenue W, Suite LL, St. Paul MN 55114, www.prepareandprosper.org
Self-Employment Tax Organizer – SETO
EXPENSES: MAJOR PURCHASES
Item
Month/day/year of purchase
Cost
/
/
$
/
/
$
TIP:
If you had major purchases last year and P + P didn’t prepare your return, it is especially important
to bring in that return.
PRODUCTS SOLD BY DIRECT SELLER – COST OF GOODS SOLD
1. Inventory at the beginning of the year
$
2. Product purchased during the year (less cost of products taken
for personal use)
$
List amount here of product taken for personal use $
3. Materials and supplies added to product for resale
$
4. Other costs (miscellaneous)
$
5. Add lines 1 through 4
$
6. Inventory at the end of the year
$
(For volunteer use) Cost of goods sold - subtract line 6 from line 5
$
VEHICLE INFORMATION
Month/day/year vehicle first used for business:
/
/
Mileage in 2015:
business miles __________
commuting miles____________ personal mile____________
Parking and tolls: $
Interest paid on car loan: $
Was your vehicle available for personal use during off-duty hours?
Yes
No
Do you (or your spouse) have another vehicle available for personal use?
Yes
No
Do you have evidence to support your deduction?
Yes
No
If yes, is the evidence in writing?
Yes
No
TIP:
Your first trip from home to a work site and last trip from a work site to your home, are considered
commuting miles (unless you have an office in the home) and are not deductible business miles.
Business miles are from one work site to another work site and are deductible.
Prepare + Prosper, 2610 University Avenue W, Suite LL, St. Paul MN 55114, www.prepareandprosper.org