Please find listed below links to  worksheets designed to aid you in gathering your tax information. Please remember that they are only a guide and are not intended to be all-inclusive. You may have an income item or incurred an expense that is not listed on our worksheet. That doesn't mean it's not deductible. Just list it under "other" and we can discuss it.

We have put together worksheets that will help remind you of certain deductions. Keep it handy all year as a reminder of the type of deductions that will help you reduce your taxes.

 

Individual Tax Worksheet

Farmer's Worksheet

Rental Worksheet

Business Worksheet

 

Tip: No matter what the occupation, if audited, the IRS measures most deductions by two tests - ordinary and necessary. Is the expense ordinary to your occupation and is it necessary to incur the expense in order to do your job? If it meets both tests, there is a good chance it is deductible. An ordinary expense is one which is customary in your particular line of work. A necessary expense is one which is appropriate, but not necessarily esssential in your business. The application of these terms to you relies heavily on the "facts and circumstances" of your unique situation.

Tip: If you deduct ordinary and necessary business expenses, it is essential to keep a written or digital log of your business activities and expenses. The log should include details like: the person you are meeting, reason for meeting, date and time, and number of miles driven. An accurate up to date log is an invaluable tool in the event of an IRS audit.

 
 

                                                                                                                                  

 
 
 
© 2020 Murphy, Coe & Smith, PLLC., All Rights Reserved | Privacy Policy & Disclaimer
Smart websites by Service2Client, LLC