Turn bank statements into Schedule C totals
Arkrel helps US self-employed people turn bank statements, card statements and receipts into organized records for tax preparation.
Start with one statement free. Upload it, review your transactions merchant by merchant, and see your income and spending in My year.
Start with the records you already have
Collect the statements for the tax year you are preparing. Include the credit card statements used for business purchases and receipts that explain what you bought.
Keep the records together by account and year so they are easy to find during review.
Review the business purpose behind each merchant
Arkrel sorts your transactions for merchant-by-merchant review. Use your knowledge of the work to choose categories and separate business spending from personal purchases.
For merchants you use for both work and home, refer to the receipts as you review the activity.
Include barter and other business income outside your statements
A business barter can produce income without a customer deposit. Keep the agreement or correspondence showing what each side provided, the delivery and receipt dates, and evidence of the fair market value of what you received. Preserve staged or unfinished work separately from completed exchanges, and record whether the goods or services received were used for business or personally.
IRS Topic 420 explains that the fair market value of goods or services received through barter generally belongs in gross income. Give your preparer the value evidence and actual-use facts to review the reporting and any separate expense treatment. An income amount does not automatically establish an equal deduction.
Keep exchange statements, trade-credit dates, fees and any exchange-issued forms with the agreement. Connect cash portions to their payment references and explain whether they settle a difference, pay a fee or cover separate work.
A barter exchange generally reports covered transactions on Form 1099-B, subject to exceptions. If you trade services directly without a barter exchange, Form 1099-B is not required for that trade, although another information return may be required. See the IRS Form 1099-B instructions for the exchange reporting rules.
Supply this history alongside the statement records so your preparer can include activity absent from bank deposits and avoid counting a cash component twice. Use the cash-income recordkeeping guide for cash payments received outside an account, while keeping the noncash exchange separately identified.
Bring the totals into tax preparation
Schedule C reports income or loss from a business operated as a sole proprietor. Arkrel’s paid tax report organizes category totals for that preparation process. IRS explanation of Schedule C.
Catch-Up also includes a cash-basis profit and loss report, likely deductions to review and an accountant-ready transaction file.
Choose the tax year you need
Catch-Up is $599 per tax year for 12 months of access with a 30-day money-back guarantee.
For the current year, Autopilot is $59/month with a 30-day money-back guarantee.
See your first statement in My year
The Free plan includes one statement through upload, merchant review and My year.