• Active Member: Actively involved in running the business. Can use losses to reduce taxes on other income.

• Passive Member: Not involved in daily operations. Losses can only reduce taxes on passive income.

Full Name

For 4 or more members upload a roster (excel or PDF) of all members Name, position/title, ownership%, active or passive, SSN, and email

Another name that you, your LLC, or Corporation goes by.

a six-digit number that the IRS usually assigns to your business based on the revenue and activities you report in your tax filings

You participated in the activity more than 500 hours during the tax year.

Did you pay anyone other than a professional service $600 or more, and did you file 1099 copy A

adding all revenue received within a tax year without subtracting returns, allowances, costs of goods sold, or any other business expenses.

Returns and allowances include cash or credit refunds made to customers, rebates and other allowances off the actual sales price.

The cost of goods sold (COGS) is the sum of all direct costs associated with making a product. Typically includes money mainly spent on raw materials and labour. It does not include costs associated with marketing, sales or distribution.

Costs for promoting your business, like ads, flyers, or online campaigns.

Costs for using a vehicle for business purposes.

Payments to others for services, like sales commissions.

Payments to independent contractors for work performed.

The decrease in value of business assets over time.

Business-related insurance costs, like liability or property insurance.

Interest paid on business loans or mortgages.

Fees for accountants, lawyers, or consultants.

Costs for office supplies or software used in the business.

Payments for renting business property or equipment.

Costs for keeping business assets in working order.

Items needed for the business that are not inventory.

Business-related taxes or fees for licenses and permits.

Costs for business travel and meals during business meetings (subject to limits).

Costs for electricity, internet, and phone services for your business.