Small Business Taxes & ManagementTM--Copyright 2014, A/N Group, Inc.
Business and Nonbusiness Income and Deductions
Your tax software most likely has Form 1045, Application for Tentative Refund, and Schedules A and B, but may or may not contain a worksheet you'll need to separate income and deductions between business and nonbusiness. But classification of income is a critical starting point.
Income (Loss) Total Business Nonbusiness
Wages, salaries, tips, etc. _____ _______
Schedule C income _____ _______
Other Gains _____ _______
Partnerships and S Corporations _____ _______ _______
Schedule F income _____ _______
Rents _____ _______
Estates and Trusts _____ _______ _______
Unemployment Compensation _____ _______
Interest Income _____ _______
Dividend Income _____ _______
Alimony _____ _______
Interest Income _____ _______
IRA Distributions _____ _______
Pensions _____ _______
Taxable Social Security _____ _______
State Tax Refund _____ _______ _______
Other Income
Deductions Total Business Nonbusiness
Certain Business Expenses _____ _______
Health Savings Account _____ _______
Medical Savings Account (MSA) _____ _______
Self-Employed Tax Deduction _____ _______
Moving Expenses _____ _______
Self-Employed Health Insurance _____ _______
Keogh, SIMPLE, SEP _____ _______
IRA Deduction _____ _______
Student Loan Deduction _____ _______
Alimony Paid _____ _______
Early Withdrawal Penalty _____ _______
Tuition and Fees _____ _______
Domestic Production Activities _____ _______
Capital Gains/Losses Total Business Nonbusiness
Capital Gains _____ _______ _______
Capital Losses _____ _______ _______
Capital Loss Carryover _____ _______ _______
Capital Gain Distributions _____ _______
Schedule A Total Business Nonbusiness
Medical _____ _______
Taxes _____ _______ _______
Interest _____ _______
Contributions _____ _______
Casualty _____ _______
Unremibursed Business Expenses _____ _______ _______
Tax Preparation Fees _____ _______ _______
Copyright 2014 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536
--Last Update 11/20/14