INCOME

PROFIT OR LOSS BALANCE

100
DATE

http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
AMOUNT

-658.14

EVENT

http://www.irs.gov/pub/irs-pdf/p334.pdf

100 Kathy's wedding 1/25/11 DVD of digital files from Keith andhttp://www.irs.gov/pub/irs-pdf/i1040sc.pdf

Business Assets Summary (section 179 or depreciation)

Total of all itemized business expenses found below (miles not included)

709.14
DATE PURCHASE ITEM COST

49

42.9 2/7/11 59" Light Reflector from Amazon . Com out of Chase account 625 2/7/11 Tamron SP AF 70-200 2.8 Di Ld(if)Macro Lens from Lila Armock Photography, through Craig's list. Email Negotiations are 41.24 2/15/11 Torch Light and Clamps from Lowes out of PNC account

Advertising and promotional costs like print or media ads, business cards, mailers, brochures, wavers out front, signs, pens and give-away The mileage cost for your items with the company name, vehicle (figured on part II of samples orADVERTISINGto promote sched C)VEHICLE EXPENSE only get freebies OR (and you business, Include here also any one or the other) from Form 49 0 sponsorships like buying an ad 4562, your gas, oil, repairs, in a high school sports program insurance, depreciation, to promote the business (AAA license tags. The current business wants to wish the (2010) standard milage rate is Warriors a great season) 50 cents per mile.
DATE PURCHASE ITEM COST DATE WHERE and REASON MILAGE

These vary by state and locality - Business license, vendor fee for set up in a public place, inspection fee, any fee which must paid in the course of opening your business. Also COMMISSIONS/FEES any commissioned work (like out sourcing, 0 hiring video or production). For commissioned outside work - we are required to send them a Form 1099MISC if over $600
DATE PURCHASE ITEM COST

49 1/20/11 Kalamazoo Bride Magazine insertion fee charged to Discover.

Landscaper, Electrician, Remodeler, Cleaning service. You hired a contractor to handle some one time job like replacing a roof or an ongoing chore like keeping the landscaping up to par so that you don't have to.  The key is that you hired a company or an independent contractor to handle this. I put second shooters, light assistants, and paid models here because they are "independent contractors" that I contract (they work the way I tell them Not your insurance.  This Business phone, msg center, I want the job done). It's hard insurance is for your business COMMUNICATIONS EXPENSES CONTRACT LABOR INSURANCE dedicated internet service (can to tell the difference between and for the operation of your 0 0 0 we deduct a percent?). My "contract labor" and business.  Examples would be communication expenses are "commissions". Same as liability (the coffee is hot, personal, as well as business commissions though, if we maam), fire, theft, robbery, combined. Dedicated expenses pay them over $600, we must flood, hail, volcano, Acts of are easiest to deduct. send them a MISC -1099 God, etc.
DATE PURCHASE ITEM COST DATE WHERE and REASON COST DATE PURCHASE ITEM COST

INTEREST 0

LEGAL AND PROFESSIONAL FEES 0

OFFICE EXPENSES 0

Interest on loans to finance Most comonly lawers and Office Supplies - Ink, paper, your business, on credit card accountants, but also toner, pens, staplers and charges for business expenses, including association staples, paper clips, folders, and interest on a vehicle loan memberships, organization and, guess what?  If you have for car or truck used in dues, one time professional an office with a public DATE PURCHASE used COST DATE WHERE and REASON COST business (if car ITEM 1/2COST time DATE PURCHASE (marketing, consult fees ITEM bathroom, then use that in business, deduct 1/2 interest management, organizational, company credit card to buy here, 1/2 on sched A-which you technical, website analysis) , hand soap, towels, toilet paper may or may not need)  Just as logo and web design fees. and the rest because it is a word of warning here,  If you Fees for tax advice and tax deductible too.  Coffee service are going to be doing a lot of preparation (and in the is here if for clients.  You can credit card purchasing for infinite wisdom of our tax put snow removal, lawn care, business needs, you would do system ((you will love this cleaning service under this well to open a card just for one)) only the cost of also.  Remember that the name your business and keep the preparing the sched C, CEZ, of the game is to spread the accounts separate. SE, 4562, 8829, and expenses out so that you have accompanying worksheets something under as many spots can be deducted here as possible. because only they have to do with your business) Figure that at $100-$300 per business.  If you and your spouse have separate yours, mine, and ours businesses, for instance, that could be $300$900 depending on the complexity.  Some put accounting, payroll, and reference firms under contract labor on line 11.  Other tax preparers may put them here.  Either works.
EQUIPMENT RENTAL 0 OTHER RENT 0 REPAIRS AND MAINTENANCE 0

Like lenses and lights.

Like studio space or land.

DATE

PURCHASE ITEM

COST

DATE

WHERE and REASON

COST

This one refers to cost of labor, supplies and any other items that do not increase the value or life of the property.  It broke and you had it fixed.  If you DATE WHERE and REASON COST fixed it yourself, you cannot pay yourself and then deduct the labor.  If you replaced whatever broke with something new, you need to put that under a new purchase - 13 for a big item, 18 or 22 for a small item.

 If you don't take a tax off somewhere else, it falls into this category.  Look at it like this - on an office space, it goes in with the rent (not here).  Sales tax on merchandise you sell is turned over to the state and not reported here.  HOWEVER You can deduct real estate and personal property taxes on business assets, Federal SUPPLIES TAXES AND LICENCES highway use 0 tax, business 0 permits, and licenses and Are you producing a product?  taxes on a car or truck used in What do you need to create it?  business (if car used 1/2 time What must you order to have it in business, deduct 1/2 taxes in stock?  Those are your here, 1/2 on sched A-which supplies.  Put the cost of them you may or may not need)  WHERE and here.  Do not include your DATE PURCHASE ITEM DATE REASON COST inventory.  (Cloth forCOST a seamstress = supplies, cloth for a cloth store = inventory.  The first example belongs here.  The second does not.)

Flights, taxis, hotels, etc. You have to be away from your "tax home" overnight.  EXPENSES BUSINESS TRAVEL That means away from where you do 0 business, not away from where your family lives.  The expenses have to be business related, and cannot include the costs incurred by a spouse or dependent.
DATE PURCHASE ITEM COST

MEALS AND ENTERTAINMENT AT THE 50% LEVEL 0

UTILITIES 0

MISCELANOUS 0

There is a portion of the schedule C to enter these expenses and then you will get to deduct either 30 or 50% of the total allowable.  The 3 martini lunch is folklore.  COST Wiped DATE PURCHASE ITEM out by an overzealous media. 

If it is directly related to the business, AND EXCLUSIVE to the business list it here.  Telephone, lights, gas, etc.  If you have a separate office WHERE and away from home, deduct DATE REASON COST 100%.  If you have a pager or cell that is business only, 100%. If you use part of your home (exclusively for the business), take the square footage of the home, the square footage of the work only area and that will give you the percent of work space in your home.  If it is 15%, take 15% of your utilities.  (A construction worker that housed his truck, fully loaded with tools, in a locked garage where the only other things were a desk and storage for more work tools could legitimately claim the garage as a home office - if no one else ever parked there)

Other Expenses - You spent it on the business and would not have needed it except for the business.  You only used it in the business.  Put it here with an DATE explanation ITEM PURCHASE of what it is. COST

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