– The last thing I claim here is ‘Bad Debts’. (Yes, I love Office Max, but not that much! lol) things like this could trigger an audit if they think you’re claiming more than you should. Some people account for this in supplies, but since I do a large amount of shipping, I don’t want to throw up any red flags with what would look like an inflated supply cost vs my sales…. – I also record my shipping and postage here. I record my hostess rewards here – you take the total cost to you… $2.75 plus tax per piece. – This is where you can record any items that there is not a category for on the front page in Section II. If you are deducting mileage, you need to fill out part IV about how you used your car. Make sure you keep a mileage diary… I keep a small notebook in my car so it’s handy… you could also use your planner, etc. – if you are deducting for a home office, you would use line 18 and possibly 25 … I offer no advice on this expense… you should consult a tax professional. – if you rented a retail space during the year, you would put that on line 20b – if you used a credit card for BUSINESS ONLY and had any interest paid on the balance, you could deduct that on 16a – if you added to your home owner’s or renter’s insurance to cover your inventory, you would put that expense on line 15. However, you may have the following expenses: Most people wont use any of the other categories under expenses. There is one expense I don’t list on here as monthly because Paypal will calculate the entire year for me - my fees to use their invoicing and accept credit cards. You can see that each category I use goes right into the same color on the Schedule C form you use to file your taxes. In this post, I show you my expense sheet I use at the end of every month (I totally made this one up!) (At the end of the year, I take all 12 months, and add the total for each section and put the total on a blank form for the entire year.)
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