INCOME

Your gross business income can be determined by:

Adding total bank deposits for 2008 (if all income was deposited).                  

Adding the total amounts from your invoices collected.

Adding 1099 forms issues to your business for services rendered.

Ending Inventory:

Ending inventory should be calculated in wholesale amounts, it is very important in determining your profit that we have your ending inventory amounts (if applicable to your business).

 

 

 

DEDUCTIONS
 

Insurance-liability,      malpractice, comp. etc.

 

Interest paid-credit card, commercial loans, equipment.

 

Labor

Lease Payments

License Fees

Pay Pal Fees

Maintenance and repairs

Materials

Meals and entertainment-50% deductible

Moving Expenses

Office in home- if qualified

Rent

Sales tax

Subscriptions

Supplies

Safety and protective gear

Tax return prep

Thefts

Tools-small expendable tools and larger purchases should be separated.

Travel

Uniforms

Utilities

Wages for employees

Web site design

DEDUCTIONS

Deductions are as follows but are not limited to:

 

Accounting/ bookkeeping services

Advertising

Attorney Fees

 

Automobile:  repairs, maintenance, insurance, lease, cost of vehicle, plate fees, gas. Actual auto expenses may be deducted if you are not taking the mileage deduction.

 

The 2009 mileage deduction is 55 cents per business mile.

Bad Debts (if included in income)

Bank Fees

Business Conventions

Cell Phone

Computers and Office Equipment

Copyrights

Employment taxes

Educational Expenses

Equipment

Freight and Postage

Gifts

Health Insurance

Internet Services