Gross receipts or sales

Cost of goods sold which includes:

• Inventory at beginning of year        Purchase of inventory
• Inventory at end of year                Other inventory costs

A list of all ordinary and necessary expenses relating to your business listed by category

Assets and equipment purchased in the tax year for your business with the following information:

•    Date of purchase
•    Date put into service for your business
•      Full description of item purchased
•      Business use percentage
•      Sales price of item

Did you sell or take any equipment out of your business during the tax year? Was a vehicle traded in? We need to know this information and the details.

For business vehicles, we will need to know the following information:

•     Description of vehicle
•     Total miles for the year (Actual, not an estimate)
•     Total business miles for the year (Actual, not an estimate)

    YOU NEED TO KEEP EVIDENCE TO SUPPORT YOUR MILEAGE IN CASE OF AUDIT (LOG BOOK, CALENDAR)