Tracking Your Business Expenses
Be sure you track your business expenses carefully. Categories of expenses include:
Advertising - this includes business cards and web-marketing
Insurance - for life, property & casualty, or business insurance. Do not include health insurance under this category.
Other interest - credit card or loan interest, such as interest paid on your computer loan.
Legal and professional services - such as fees your accountant will charge
Office expense - anything other than routine supplies.
Rent or lease other business property - rent paid on an office, for example
Repairs and maintenance - repairing your computer, for example
Supplies - routine office supplies like paper, toner, pens, pencils, notepads, etc.
Travel - the cost of traveling to a convention, meeting, or business trip
Meals and entertainment - the cost of business meals, but be careful not to go overboard
Utilities -electricity, gas
Other expenses - such as Dues & Subscriptions, Web development, and Business telephone expenses.
Health Insurance expenses. If you are self-employed and you pay for your own health insurance, then you can deduct the full cost of your health insurance premiums on your Form 1040, line 31. In order to deduct your health insurance expenses, you must have a net profit from your business. If you have zero profit or a net loss, you can still deduct the health insurance premiums. But instead of going on Line 31, you deduct them on Schedule A as a medical expense.
Are there other business expenses in your business?
Tags: business, expense, expenses, insurance, maintenance, office, repair, supplies, tracking, travel
Views: 3
Replies to This Discussion
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Permalink Reply by Michele Randolph on -
Education/Training - new or improved skills and software training/certification
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Permalink Reply by CEO BusinessManagement Solutions on
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Mine would be similar to Michele. So many people fail to track their expenses & finances correctly. They don’t know how or they don’t do it at all but it’s always good to learn. Not tracking expenses or finances correctly is one of the many reasons why some businesses fail.
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