FREQUENTLY ASKED QUESTIONS

BUSINESS EXPENSES: What if I do not have all the receipts from the money I spent on my business? Can I still write off what I spent?

If you do not have all the receipts for the money spent on your business you can create a categorized Google or Excel sheet to record the income and expenses accumulated from your business and attach that to your tax return as proof of expenses. 

 

EXAMPLE:

 

If you would like this done for you, please book the following service to have it completed before filing your tax return (CLICK TO BE DIRECTED TO THE BOOKING PAGE):

DFY BUSINESS INCOME & EXPENSE SHEET

BUSINESS TAX RETURN: Do I need to file a separate business tax return if I registered my business as a single member LLC ?

No. You do not have to file a separate business tax return.

To report your income and expenses related to your business you will fill out form Schedule C and attach it to your 1040 - your personal tax return. 

CHILDCARE EXPENSES: I paid for someone to watch my kids at my house and the person does not have an official day care service. Can I still write off what I paid to them ?

Yes you can still write off what you paid to this person.

 

All you would need from them is a statement that includes:

Their full name, address, your full name, the child's full name, date or period of time that the services took place, total amount paid, method of payment used, a statement confirming the services were provided, and the babysitter's signature with date signed.

 

CLICK HERE TO DOWNLOAD A STATEMENT THEY CAN FILL OUT FOR YOU

 

* Providing their SSN or EIN is NOT required but is preferred for tax purposes *

MISSING TAX FORMS: If I did not receive all the forms that I need to file my tax return should I just file my tax return without them ?

NO. YOU SHOULD NOT FILE A  TAX RETURN WITH MISSING FORMS.

WHAT YOU CAN DO TO RETRIEVE THE INFORMATION THAT YOU NEED TO FILE:

OPTION 1:

Reach out to the business or banking institution that should have provided the form to you and request a copy that you can download online. If they do not have an option to download forms online, request a duplicate copy to be mailed to you and verify the address that they have on file.

 

OPTION 2:

  • Go to IRS.gov
  • Select "Get your tax record"
  • Sign into your online account (or Create one)
  • Download your wage and tax transcript

*The wage and tax transcript will have the information for each of the forms you should be submitting with your tax return and you can file using this transcript, in its place.*