Business FAQs
Q:What do I need to do my taxes?
A: Here are the types of forms and documents you'll want to have handy:
- Records that show your sources of income (e.g., gross receipts, sales records, checking or savings interest, rental income)
- Records of quarterly estimated taxes paid
- Payroll tax information for any employees
- Records that document goods sold (e.g., beginning/ending inventory amounts, inventory purchases)
- Information about expenses that may lead to deductions (e.g., asset purchases, commissions/fees, employee wages, contract labor, rent, travel/transportation receipts, business insurance, in-home office information)
- Records of any loan received through the Paycheck Protection Program, how the loan proceeds were used, as well as information on the amount of the loan forgiven, if any.
Q:I’ve moved out of a shared office and started working from home. How do I know if I can take a home office deduction?
A:If you own your own business and you have a dedicated workspace in your home for an office, you can claim the home office deduction. You must do most of your business from your home office and use that part of your home regularly and exclusively for work.
Q:When should I use business asset depreciation?
A: You must use depreciation for business assets if you expect the item to last more than one year. To depreciate an item, you must own it, use it for business or to create income, and lastly, it must wear out or lose value over time. With depreciation, you can claim a deduction each year you use that property in your business. In some cases, you can claim a larger deduction in the year you purchase the asset.
Q: What are the benefits of H&R Block’s Premium and Business Tax Software?
A: Filing with H&R Block means you’ve got guidance every step of the way. Not only will we help you limit your tax liability by maximizing your deductions, we’ll also double check your work for any issues and assess your audit risk.
Q: How easy is it to switch from my current tax prep method to H&R Block?
A: You can easily import your tax return information from last year and we’ll use the information to start this year’s return. Plus, you can use our tools any new documents that you have.