2007 Profit or Loss from Business (Sole Proprietorship)
Your Email address (
required
)...
Taxpayer Social Security No.
This business is owned by:
Taxpayer
/
Spouse
Employer ID
Principal Business (including product or service)
Business Name (DBA if applicable)
Business Street Address
Business City ST, Zip Code
Business Code
Accounting Method:
(1)
Cash
(2)
Accrual
(3)
Other
(
Describe
)
Method(s) used to value closing inventory:
(1)
Cost
(2)
Lower of Cost or Market
(3)
Other
(4)
Does Not Apply
Describe Other Inventory Method
(3)
if checked
Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes", attach explanation below.
Yes
No
Did you "materially Participate" in the operation of this business during 2007?
Yes
No
Did you start or acquire this business during 2007?
Yes
No
INCOME:
Gross Receipts or Sales
Returns Allowances
Other Income
COST OF GOODS SOLD:
Beginning of Year Inventory
End or Year Inventory
Purchases
Cost of Labor
Materials Supplies
Other Costs
EXPENSES:
Advertising
Pension Profit Sharing Plans
Bad Debts
Rent or Lease Veh,Mach,Equip.
Contract Labor
Rent or Lease Other
Repairs & Maint
Commissions and Fees
Supplies
Depletion
Taxes and licenses
Depreciation
Travel
Meals and entertainment
Employee Benefit Programs
Insurance (other than health)
Mortgage Interest (banks,etc)
Other Interest
Utilities
Legal and Professional Services
Wages:
Office Expense
Car and Truck Expenses (
Complete information under Vehicle Expenses below
)
Is all of your investment in this business "at risk"?
Yes
No
Other Expenses: (List description and amount)
VEHICLE EXPENSES
General Information
Vehicle 1
Vehicle 2
Date vehicle placed in service
Total miles vehicle driven during year
Business miles driven during 2007
Total commuting miles driven during year
Other personal miles
Do you (or your spouse) have another vehicle available for personal purposes?
Yes
No
If your employer provided you with a vehicle, is personal use during off-duty hours permitted?
Yes
No
NA
Do you have evidence to support your deduction?
Yes
No
If "Yes", is the evidence written?
Yes
No
Actual Expenses
Vehicle 1
Vehicle 2
Gasoline, oil, repairs, vehicle insurance, etc.
Vehicle Rentals
Inclusion amount
Note:
Complete
depreciation
information form for each vehicle if actual expenses claimed.
.
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