I understand where you are coming from, but if this is your first year and don't know what exactly to do, have a professional prepare and file them for you.
But there are specific requirement that will be requested by the professional for proof of your deductions. if the proof is not supplied then the Professional has the right to refuse to complete your return and is not responsible for inaccurate returns. and you will sign a paper holding the professional harmless of your inaccuraties. If you do not supply true and accurate receipts and you are audited, the IRS has the right to come back on the Professional and fine him $5000.00, and no taxpayer is worth that fine and a mark against the preparer, for not giving the preparer the correct information. leaving out 1099's, w-2's 1009-C, 1099 A Stock trade
# 1 will be your mileage records as a deduction. If you use this then there is a number of item that you cannot take as a deduction- insurance, repairs, fuel, taxes, etc, except for fuel tax. etc.
# 2 Repairs, there is a Percentage of the repairs that they use. I don;t know what it is.
#3 Any deduction that the IRS feels are beyond the allowable percentage.
If you are planning to take the standard mileage deduction, Which is now a RED Flag on Sole Propreitors and your chance of being audited are greatly increased. This is due to mileage record accurately, and on a daily basis, you can no longer give the begining and ending information. they will disallow it. by indiuvidual situations.
Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.