Hubbard Mendoza Income Tax
Stress Free Zone
Individual & Small Business
HUBBARD MENDOZA INCOME TAX 2012 CHECKLIST
FOR SMALL BUSINESS OWNERS
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| INCOME | DEDUCTIONS | DEDUCTIONS |
| Your 2011 Gross Income can | Deductions are as follows but are | Insurance ‐liability, |
| be determined by: | not limited to: | malpractice, comp. etc. |
| Add total bank deposits | Accounting/bookkeeping | Interest paid ‐credit cards, |
| for 2011 (if all income was | Services | commercial loans, equipment |
| deposited) | Advertising | |
| Attorney Fees | Contract Labor | |
| Add all Cash receipts | Professional Fees | Lease Payments |
| received | License Fees | |
| Vehicle: repairs, insurance | Pay Pal Fees | |
| Add the total amounts from | lease payments, maintenance, | Maintenance and repairs |
| your invoices collected. | cost of vehicle, date of purchase, | Materials |
| license fees, plate fees, gas. | ||
| Add the total money received | Business mileage | Meals and entertainment |
| from self employed business. | .51 cents (1/1 thru 7/30) | 50% deductible |
| 55.5 cents per mile (7/1 thru 12/31) | ||
| Add 1099 forms issued to | Bad Debts (included in | Moving Expense |
| your business for | income) | Office in home‐qualified |
| services rendered. | Bank Fees | Rent |
| Business Conventions | Sales tax | |
| Ending Inventory: | Seminars | Subscriptions |
| Cell Phone | Supplies | |
| Ending inventory should | Computers and Office | Safety and protective gear |
| be calculated in wholesale | Cobra deduction | Tax Return Prep |
| amounts, it is very important | Copyrights | Thefts |
| in determining your profit | Employment taxes | Tools‐small expendable tools |
| that we have your ending | Education Expenses | larger purchases should be |
| inventory amounts (if | Equipment | separated. |
| applicable to your business). | Freight and Postage | Travel |
| Gifts | Uniforms and cleaning | |
| Health Insurance | Utilities | |
| Internet Services | Wages for employees | |
| Website design and hosting |