UPLOAD tax documents from your most recently completed tax year with corresponding transcripts, all schedules, and forms included as a 🗎 SCANNED PDF.
2024 or the most recently completed year of taxes is REQUIRED
If you filed a tax extension for your most recent tax year, ⬆️ UPLOAD both your filed tax return and the extension form (e.g., IRS Form 7004).
a. 🔗Preference will be given to businesses that were in operation in 2021.
b. Uploading 2021 tax documents is necessary to receive a preference point.
c. A business who experienced a financial hardship in last two years according to filed tax returns, gets + 1 preference point.
e. According to DEED, financial hardship is defined as 10% or greater decrease in gross revenue or a decrease in net income.
f. Demonstrating a loss of revenue is necessary to receive a preference point.
The Business Name on the application must ◾◾ MATCH the Business Name on the uploaded taxes.
a. If you are a Sole Proprietor without a separate Business Name, the name on your application must ◾◾ MATCH the name on your tax return (1040 Schedule C). Whether you use your Business Name or your legal name, it must ◾◾ MATCH.
Tax documents must include ALL pages of your filed tax return.
🚫WE CANNOT ACCEPT a client copy.
⬆️ Upload the same tax return that was sent to the IRS, displaying the Primary Applicant’s full TIN/ EIN or SSN on the return. 🚫WE CANNOT ACCEPT client copy.
Acceptable tax forms include:
a. 1040 Schedule C*
b. For those with Multiple Schedule C Tax Documents, see section 6b. for instructions.
c. 1120-C
d. 1120-S
e. 1120
f. 1065
Home-based businesses must have claimed a “business use of home” deduction under IRS Section 280A(c)(1) to be eligible.
See 🔗Tax Form Reference for home-based business deductions per business structure.
