CDHM Tax Services - Business Income and Expenses

Business Legal Name

Employer Identification Number

If you do not have an EIN, enter NONE. Do not enter your social security number

Business Website

Full Business Address

Type of Business or Purpose of Business

Business Formation Date

Did you pay Estimated Taxes related to this business?

Yes

Do you have W2 Employees?

Yes

Do you have (1099-MISC) Independent Contractors?

Yes

Which accounting method do you use?

What entity was your business formed as?

Is this the first time you will file taxes for this business?

Yes

Do you use a portion of your home for business?

Yes

Will you depreciate any business assets?

Yes

Business Income

Total Gross Receipts

This is the total of all monies received (sales) from your business activities. This does not include any money received from business loans, investors (including you, the owner), or the sale of fixed assets (like old equipment). It does include 1099-MISC income. NOTE: Do not count sales tax you collected and paid to the state as income or expense.

Total Other Business Income

Please select which forms and/or documents you can provide to show proof of business income earned during the tax year.

Do you track inventory?

Yes

Beginning Year Inventory Value

Year-End Inventory Value

Total Cost of Goods Sold

This is includes: 1. Purchases of inventory 2. Purchases of materials, parts, ingredients, or other supplies directly used in producing or procuring your product; and 3. Packaging or shipping expenses, when not paid by customers or accounted for elsewhere. The value of any year-end inventory will be subtracted from the costs you paid out over the year; if you had inventory left at year end, list that amount.

Business Expenses

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary. Please note, all expense categories may not be applicable to your business, you only need to fill out what applies to you.

To file with CDHM Tax Services, you need to give a breakdown of your deductible business expenses subtotaled by category.

Advertising

Contract Labor

Commission and fees

Depletion

Employee benefits program

Health Insurance

Insurance (other than health)

Mortgage Interest

Other Interest

Legal & Professional services

Office Expenses

Pension and profit sharing

Rent or lease of equipment

Rent or lease of property

Repairs and maintenance

Supplies

Taxes and licenses

Travel

Meals and travel costs listed are ordinary and necessary business expenses incurred solely for conducting or attending business-related activities.

Meals

Utilities

Wages

If you have other business expenses that do not appear to fit in any of the expense categories listed above, please list them below.

Car & Truck Expenses

You may deduct car/truck expenses for local or extended business travel,
including:

• between one workplace and another,
• to meet clients or customers,
• to visit suppliers or procure materials,
• to attend meetings,
• for other ordinary and necessary managerial or operational tasks or needs of your business.

Note: You cannot deduct the costs of driving your car or truck between your home and your main or regular workplace. These costs are personal commuting expenses.

You should have kept a record of your business-related mileage over the year. Most clients use the IRS's standard mileage rate of 70 cents per mile for 2025, though actual expense tracking is also available. If you tracked actual vehicle expenses or do not have a mileage record, contact our office to discuss the best approach for your situation.

Date you placed your vehicle in service for business purposes.

Do you or your spouse have another vehicle available for personal use?

Yes

Was your vehicle available for personal use during off-duty hours?

Yes

Do you have written evidence to support your business vehicle use?

Yes

Total Commuting Miles

Total Business miles

Total other miles

Depreciation

If you have business assets already partially depreciated, you must provide a depreciation schedule from your prior year tax return.

Do you have prior year depreciation and new assets to depreciate for the 2024 tax year?

Prior Year

New

Both

New Assets to Depreciate

Please list The asset description, date placed in service, and the cost for each item you wish to depreciate.

Business Use of Home

If you use a portion of your home as your principal place of business, you may be able to deduct part of your rent or mortgage, as well as certain other relevant home expenses. In order to claim these business expenses, the part of your home used for business generally must be used exclusively and regularly for business purposes. These purposes can include home office, production/workshop space, storage, etc. For in-home daycare providers, the usage need not be exclusive.

An expense that covers the entire home, such as rent or central heating, is considered an indirect expense. You may only deduct a percentage of these expenses equal to the percentage of the home's area that your business
uses. For example, a 150 square foot office in a 1500 square foot home is 10% of the home's total area and would mean 10% of relevant home expenses could be deducted.

An expense that applies only to the business area of the home is called a direct expense. If you heat your basement work studio (and only the studio) with a pellet stove, the cost of the pellets would be fully deductible as a direct expense. If you paint your home office (but not the rest of the house), you can claim the whole expense.

Was your home used as a Day Care Center?

Yes

Hours used for day care per day

days used for day care per year

Area used for business or storage of inventory (Square Feet)

Total area of home (SQUARE FEET)

Rent

Homeowners Insurance

Mortgage Interest

Repairs, Maintenance & Improvements

Real Estate Taxes

Utilities

Other expenses

Is there anything else you would like to share with us about your business?

Attestation

By signing below you are attesting that the personal and financial information provided to CDHM Tax Services is true and accurate. The information listed on the Small Business Income & Expense Organizer is the information that (I/WE) gave to the paid tax preparer to complete the return. I release the tax preparer from any negligence or responsibility pertaining to this return.

I acknowledge that all information provided to CDHM Tax Services is true and accurate to the best of my knowledge. I understand that I am required to have any supporting documentation to validate the information provided. Furthermore, I understand that knowingly providing false information on my tax return and reporting it to the IRS, that I am taking part in a potentially criminal penalty situation and is punishable by law including but not limited to: facing court dates, restitution, and possible imprisonment. I waive CDHM Tax Services and the preparer of any error due to incorrect information provided by me.

Please type your full name and todays date below to sign.

Full name

Todays date

Tax Payers first and last name

Business Income and Expense Form

We're so excited to begin our partnership with you! To ensure we have the information we need to best serve you and your small business tax needs, please take a few moments to complete the information below. If you have any questions, please feel free to contact us via email crystal@cdhmtaxes.com

Thank you!