1088 Tax Form Details

The 1088 Tax Form is one of the most important forms that a business will need to file with their annual taxes. The form has a number of different sections, each with slightly varied requirements and information. The IRS website offers a helpful guide for filling out this required form. The 1088 Tax Form is used by businesses who have received payments from other companies in what's called barter transactions. This includes any type or service that was exchanged for goods or services, such as repairs on equipment given in exchange for landscaping work.

Listed here, you will discover quite a few details about 1088 tax form PDF. There, you'll locate the specifics of the PDF you intend to fill in, which includes the estimated time to fill it out and also other particulars.

QuestionAnswer
Form Name1088 Tax Form
Form Length3 pages
Fillable?Yes
Fillable fields33
Avg. time to fill out7 min 21 sec
Other names1088 form irs, income analysis, how to 1088, form 1088 irs

Form Preview Example

Comparative Income Analysis

Borrower Name

Company Name

General Instructions: This Form is to be used to compare the borrower's business over a period of years. Each

term is defined as follows:

Gross Income: Gross receipts or Sales (-) Returns and Allowances

Expenses: Cost of goods sold (+) Total deductions

Taxable Income: from

IRS Form 1040, Schedule C = Net Profit or Loss (Sole Proprietorship)

IRS Form 1065 = Ordinary Income or Loss (Partnership)

IRS Form 1120(S) = Ordinary Income or Loss (S Corporation)

IRS Form 1120 = Taxable Income (Corporation)

Calculation Instructions: Determine year-to-year trends in gross income, expenses, and taxable income as described below.

Gross Income

Step 1. Enter the gross income figure from each year's statement where indicated.

Step 2. Determine the percentage change in gross income from one year to the next by

(a)calculating the dollar difference between the two years, and then

(b)dividing the dollar difference by the previous year's gross income.

Enter the percentage of increase or decrease where indicated. Be sure to indicate a + (plus) or - (minus) sign.

Year

 

Year

Year

Gross

100%

100%

100%

Income

 

 

 

% Change

(+) or (-)

(+) or (-)

 

% change**

% change**

 

 

 

Expenses

Step 1. Enter the expense income figure from each year's statement where indicated.

Step 2. Determine what percentage expenses are of gross income by dividing the expense amount by the dollar amount of gross income for each year. Enter the results where indicated.

Step 3. Determine the percentage change in expenses from one year to the next by

(a)calculating the dollar difference between the two years, and then

(b)dividing the dollar difference by the previous year's expenses.

Enter the percentage of increase and decrease where indicated. Be sure to indicate a + (plus) or - (minus) sign.

Year

Year

 

Year

Expenses

%*

%*

%*

% Change

(+) or (-)

(+) or (-)

 

% change**

% change**

 

 

 

*The expenses and taxable income each period as a percentage of gross income for that period. **The percentage change for each item from the previous period.

Page 1

© 2016 Fannie Mae. Trademarks of Fannie Mae.

Form 1088 July 1996

Taxable Income

Step 1. Enter the taxable income figure from each year's statement where indicated.

Step 2. Determine what percentage taxable income is of gross income by dividing the dollar amount of taxable income by the dollar amount of gross income. Enter the results where indicated.

Step 3. Determine the percentage change in taxable income from one year to the next by

(a)calculating the dollar difference between the two years, and then

(b)dividing the dollar difference by the previous year's taxable income.

Enter the percentage of increase or decrease where indicated. Be sure to indicate a + (plus) or - (minus) sign.

Year

 

Year

Year

Taxable

%*

%*

%*

Income

 

 

 

% Change

(+) or (-)

(+) or (-)

 

% change**

% change**

 

 

 

The Taxable Income Trend is

*The expenses and taxable income each period as a percentage of gross income for that period. **The percentage change for each item from the previous period.

Page 2

© 2016 Fannie Mae. Trademarks of Fannie Mae.

Form 1088 July 1996

Instructions

Comparative Income Analysis

The lender uses this form to compare the performance of a self-employed borrower's business over a period of years to determine its viability.

Copies

Original

Printing Instructions

This form must be printed on letter size paper, using portrait format. When printing this form, you may need to use the "shrink to fit" option in the Adobe Acrobat print dialogue box.

Instructions

The lender should calculate the percentage change for the borrower's gross income, expenses, and taxable income from one period to the next, covering at least a two-year period.

Gross Income equals

Gross receipts (or sales) less Returns and allowances.

Expenses equal

Cost of goods sold plus Total deductions.

Taxable Income

is taken from one of the following IRS Forms:

IRS Form 1040, Schedule C = for the Net Profit or Loss for a Sole Proprietorship IRS Form 1065 = for Ordinary Income or Loss for a Partnership

IRS Form 1120(S) = for Ordinary Income or Loss for an S Corporation (a small, start-up business) IRS Form 1120 = for Taxable Income for a Corporation

Page 3

© 2016 Fannie Mae. Trademarks of Fannie Mae.

Form 1088 July 1996

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