Fillable Self-Employment Tax Organizer (SETO) Tax Year 2020

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Self-Employment Tax Organizer (SETO) Tax Year 2020

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Self-Employment Tax Organizer (SETO) Tax Year 2020
Prepare + Prosper
2610 University Avenue W, Suite LL, St. Paul MN 55114
www.prepareandprosper.org
1
What’s New in 2021
Due to the pandemic and public health concerns,
all tax and financial services will be on an
appointment only basis. Documents may need to
be downloaded, mailed or dropped off to us.
New for the self-employed, Form 1099-NEC
(Nonemployee Compensation) has replaced
Form-MISC (Miscellaneous income).
Introduction
The SETO is based on
Schedule C, Profit or Loss
from a Business or Service
. Use this tool to
record your income and expenses from just your
self-employment.
Eligibility
• Total annual household income of $55,000 or
less (gross income from all sources).
• Sole proprietors, independent contractors, and
single member LLC’s only.
• We do not prepare returns for corporations,
partnerships, businesses with employees, taxi
drivers, clergy, day traders or returns with
income from rental property.
Filling out the form
• Use your documents to fill out the organizer
with only your self-employment income and
expenses. The organizer has different sections
and not all apply to your business. Use actual
amounts; do not round off. Do not list income
from W-2s on the organizer
• If you don’t find a category for an expense feel
free to write it in the “
other” category and let
us know what it is.
Useful tools
Visit
prepareandprosper.org/customer-tax-
tools
, for tools such as mileage logs, income
and expense worksheets, tips on making
estimated tax payments, a cheat sheet on
how to fill out the SETO.
Check out
irs.gov
for useful tools and videos.
Key words: small biz and irsvideos.gov.
Documents required for your tax
appointment
• The organizer must be complete before
your appointment.
• Photo ID for taxpayer (and spouse if filing
jointly). Both spouses must take part in the
process for a joint return.
• Social Security card or Individual Taxpayer
Identification Number (ITIN) card/letter for
all persons listed on the return.
• Birthdate for all persons listed on the
return.
• Income statements or forms: W-2, 1099-
NEC, and any other tax document.
• Copy of last year’s return – this is
important for self-employed taxpayers as it
may have needed information about
business or service.
• For direct deposit – routing and account
information.
We must have proof of your Social
Security number (and everyone else on the
return) by way of a Social Security card,
digital image of it, a previous year’s return,
or a document from the IRS or Social
Security Administration.
You do not need to bring supporting
documentation to your appointment:
Invoices, receipts, bank or credit card
statements, and mileage logs, but do keep
them for your records.
Contact information
Self-Employment Hotline
651-262-2169
Thomas Larson
Self-Employment Manager
thomas@prepareandprosper.org
651-262-2159
Note: Should you need to come to our
office, the parking lot is located diagonally
across the street from the building. Use
access code
1040# to enter the lot.
Self-Employment Tax Organizer (SETO) Tax Year 2020
Prepare + Prosper
2610 University Avenue W, Suite LL, St. Paul MN 55114
www.prepareandprosper.org
2
Business name:
_________________________________________________
(If no separate business name, leave blank)
Business address, city, state, zip:
_________________________________________________
Business or profession: _________________________________________________
Business telephone:
_________________________________________________
Business start date: m/d/year: _________________________________________________
INCOME – FROM SELF-EMPLOYMENT ONLY
Forms 1099-NEC $
Form 1099-K $
Total cash, checks, and credit card payments (to you) $
Other income – prizes, awards or taxable business grants $
Total Gross Income $
Keep separate business accounts to simplify your finances and your deposits into these accounts should
match (or come close to) your total gross income.
ESTIMATED TAX PAYMENTS
Did you pay estimated tax payments to the IRS or Minnesota
Department of Revenue in 2020 for tax year 2020?
Yes
No
If yes, how much?
IRS $
MNDOR $
EXPENSES
Advertising
$
Legal & professional fees
$
Contract labor
$
Office supplies (paper, toner, etc.)
$
Commissions & fees
$
Rent of space or equipment
$
Health insurance premiums
$
Repairs & maintenance -equipment
$
Business liability insurance
$
Other supplies
$
Business licenses
$
Interest –business loan or credit card
$
Sales tax paid to state
$
Business travel
$
Business meals
$
Utilities (not household)
$
Health insurance premiums in the name of the business or self-employed taxpayer, may be 100%
deductible. If you received health insurance through MNsure, provide Form 1095-A.
BASIC INFORMATION
Self-Employment Tax Organizer (SETO) Tax Year 2020
Prepare + Prosper
2610 University Avenue W, Suite LL, St. Paul MN 55114
www.prepareandprosper.org
3
OTHER EXPENSES
Professional education
$
Postage & Freight
$
Safety equipment or specialized
clothing
$
Telephone – 2
nd
land line into home
for business only
$
Dues or publications for
professional organizations
$
Cell phone annual charges
$
Parking and tolls
$
Cell phone use percentage
%
Other- identify
$
Cell phone amount for Sch. C
$
Other- identify
$
Other- identify
$
Other- identify
$
Other- identify
$
Don’t round off expenses; use an exact amount. Not sure where to list something? Use “Other.”
Your first trip from home to a work site and last trip from a work site to your home, are considered
commuting miles (unless you have an office in the home) and are not deductible business miles.
Business miles are from one work site to another work site and are deductible
If you had major purchases last year (or in previous years) and P+P did not prepare your return, it is
especially important to bring in that return.
VEHICLE INFORMATION
Month/day/year
vehicle first used for business: / / (The very first time)
Mileage in 2020: business miles __________ commuting miles __________ personal miles __________
Interest paid on car loan: $
Do you (or your spouse) have another vehicle available for personal use? Yes No
Was your vehicle available for personal use during off-duty hours? Yes No
Do you have evidence to support your deduction? Yes No
If yes, is the evidence in writing? Yes No
EXPENSES: MAJOR PURCHASES
Item Month/day/year of purchase Cost
Business use
percentage
/ / $ %
/ / $ %
Self-Employment Tax Organizer - SETO
Tax Year 2020
Prepare + Prosper
2610 University Avenue W, Suite LL, St. Paul MN 55114
www.prepareandprosper.org
4
PRODUCTS SOLD BY DIRECT SELLER – COST OF GOODS SOLD
1. Inventory at the beginning of the year $
2. Product bought during the year (less cost of products taken for
personal use) List amount here of product taken for personal use $
$
3. Costs – materials and supplies $
4. Cost of labor (not paid to self) $
5. Add lines 1 through 4 $
6. Inventory at the end of the year $
7. (For volunteer use) Cost of goods sold -
subtract line 6 from line 5
$
EXPENSES: OFFICE IN THE HOME
Space must be used exclusively for the business.
Area used for business or storage square feet
Total area of house or apartment square feet
Mortgage interest (homeowners) $
Real estate taxes (homeowners) $
Renter or homeowner insurance premiums $
Rent $
Repairs and maintenance $
Utilities – gas and electric $
Utilities - water, sewer, garbage $
Homeowners only:
A) What was the purchase price of the home? (Cost basis or FMV)
B) What date was the home first placed into business?
A) $
B) / /
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Completed 17 May 2021

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