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2025 Individual or Family Tax Filing Guide
Basic information of the individual and family members
1. Valid driver's license or work permit (front view photo) and Social Security Number (SSN).
2. Home address, family member's name, date of birth, Social Security number, relationship.
3. Phone number; Email address
4. Bank Checking Account: Name, Routing Number, Account Number
(You can view or cancel a copy of the check in your mobile banking app for direct bank transfer of tax refunds or additional tax payments.)
5. New users are requested to provide their tax returns for the past year.
Personal and family income data
Salary (W-2)
Income from self-employed independent contractors (1099 NEC)
Interest (1099-INT)
Dividend distribution (1099-DIV)
Stock trading (1099-B)
Unemployment benefits, retirement benefits (1099-G)
Withdrawing funds from your health account (1099-SA)
Withdrawing from an IRA retirement plan and annual amount (1099-R)
Regular unemployment benefits (1099-UC)
Gambling revenue (W-2G)
Other income (1099-MISC)
Rental income
Business and partnership income (K-1)
Virtual digital currency trading
Other materials
💎Receipt for payment of childcare or after-school care
Name, address, phone number, and tax ID of the daycare or afterschool program. Copy of payment receipt or payment cheque.
💎Proof of your child's university tuition fees
Form 1098-T provided by the school
Student loan interest rate form 1098-E provided by the school
Proof of purchase of medical insurance
1095-A (Obama Insurance)
1098-B (White Card)
Title: Medical Insurance Certificate
Owner-occupied property or rental
💎Owner-occupied property:
Property tax bill and bank loan interest form 1098 INT
💎Rental properties:
1. Rental address, number of rental days, purchase date, amount, and past depreciation amount.
2. Loan interest rate form 1098
3. Property tax bill
4. Rental properties also need to cover rental expenses: water, electricity, gas, maintenance, garbage collection, management fees, transportation, insurance, cleaning fees, advertising fees, etc.
List of deductible expenses for self-employed individuals
Only expenses directly related to earning money are deductible. ❌ Living expenses are not deductible.
I. Common Operating Expenses (Schedule C)
1️⃣ Advertising Fees
Advertising
(Business cards, website, WeChat/Xiaohongshu promotion, online advertising, etc.)
2️⃣ Vehicle Fees
Car and Truck Expenses
Choose either the standard mileage method or the actual cost method.
3️⃣ Commissions and handling fees
Commissions and Fees
4️⃣ Contract worker wages (must be paid 1099)
Contract Labor (1099-NEC)
5️⃣ Commercial Insurance
Insurance
(Liability insurance, professional insurance, commercial vehicle insurance, etc.)
6️⃣ Interest expense
Interest
(Interest on commercial loans and equipment loans)
7️⃣ Mortgage interest (for business purposes)
Mortgage Interest (Business Portion)
8️⃣ Legal/Accounting/Professional Service Fees
Legal and Professional Services
9️⃣ Office Expenses
Office Expense
(Stationery, printers, consumables, etc.)
10. Employee Benefits/Retirement Plan
Pension and Profit Sharing
(Applicable only to eligible companies)
11️⃣ Vehicle/Tool/Equipment Rental
Vehicle, Machinery & Equipment Rental
12️⃣ Shop/Office/Factory Rent
Rent or Lease
13️⃣ Repair and maintenance costs
Repairs and Maintenance
14️⃣ Daily operating supplies
Supplies
15️⃣ Taxes and license fees
Taxes and Licenses
(Business license, commercial tax, etc.)
16️⃣ Travel expenses
Travel
(Airfare, hotel, business trip transportation)
17️⃣ Meal expenses (for business purposes)
Meals
⚠️ Must be work-related
18️⃣ Water/Electricity/Internet/Gas
Utilities
19️⃣ Salary (W-2 for full-time employees)
Wages
20️⃣ Mobile phone expenses (work-related percentage)
Cell Phone (Business Portion)
21️⃣ Internet Fee (Percentage of Work)
Internet (Business Portion)
22️⃣ Customer gifts/gifts
Gifts
⚠️ Annual limit applies
II. Inventory (Applicable to businesses that sell goods)
📦 Inventory Calculation
beginning-of-year inventory
Inventory at Beginning of YearPurchases this year
Purchases (less cost of items withdrawn for personal use)Year-end inventory
Inventory at the End of Year
III. Vehicle information (required if claiming vehicle expenses)
🚗 Vehicle Information
Vehicle manufacturer (Make)
Year / Model
Vehicle depreciation
Annual mileage
IV. Other Expenses
🧾 Other reasonable operating expenses
Other Expenses
(Please specify the purpose)
⚠️ Reminder (Very Important)
✅ Only fill in expenses directly related to income.
❌ Living expenses cannot be reported together.
📁 It is recommended to keep invoices/receipts/bank records for at least 3–7 years.
🚗 Vehicle fees cannot be paid using two methods simultaneously.
🌍 Instructions for Reporting Overseas Financial Assets
If the total value of an overseas financial account exceeds USD 10,000 at any time within a year, it must be reported to the United States in accordance with the law.
Filing typically involves both tax returns and FBAR (Finance, Tax and Finance Reporting), and the two should not be confused.
Applicable overseas assets include (but are not limited to):
Overseas bank accounts (savings, checks, etc.)
Overseas stock/securities account
Directly held shares in overseas companies
Other overseas financial accounts (such as Yu'ebao, WeChat Wallet, etc.)
📌 Information required for each account
Account holder's name
Account Number
Name and address of bank or financial institution
Account Type
Highest balance of the year
The income generated by this account (in the reporting section of the tax return).
⚠️ Two key points to note
1️⃣ Foreign currency conversion:
Non-USD assets must be converted into USD using the Treasury's official exchange rate on December 31 of that year.
2️⃣ Form 8938 ≠ FBAR (FinCEN 114):
The asset scope of the two overlaps but is not exactly the same, so both may need to be declared, and it is not possible to declare only one.
