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Bookkeeping 101

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  Common Business Expenses

 

  Accounting

  Advertising

  Amortization

  Answering Service

  Auto/Truck Expenses

  Bank Charges

  Commissions

  Computer Expenses

  Contract Labor

  Contributions

  Cost of Goods Sold

  Credit Card Fees

  Delivery/Freight

  Depreciation-Items over $100

  Dues and Subscriptions

  Entertainment

  Entrance Fees

  Gifts

  Insurance

  Internet

  Interest-Mortgage

  Interest-Other

  Inventory-Beginning and End

  Janitorial

  Laundry/Cleaning

  Legal/Professional Fees

  License/Permits

  Management

  Meals

  Miles

  Miscellaneous

  Office Expenses

  Outside Service

  Parking Fees/Tolls

  Postage

  Printing

  Rent-Vehicle

  Rent-Machine/Equipment

  Rent-Building

  Rent-Other

  Repairs/Maintenance

  Sales Expense

  Security

  Supplies

  Taxes

  Telephone

  Temporary Help

  Tools

  Trade Show Expenses

  Training/Seminars

  Travel

  Uniforms

  Utilities

  Wages/Salaries

 

 

Common Farm Income/Expenses

 

INCOME

 

  Livestock Sales

  Cost/Basis of Livestock

  Livestock (raised)/Produce/Grains

  Cooperative distributions

  Agricultural Programs

  CCC

  Crop Insurance Proceeds

  Custom Hire

  Fuel Tax

  Other Income

 

  EXPENSES

 

  Auto/Truck

  Chemicals

  Communications

  Conservation

  Custom Hire

  Depreciation

  Feed

  Fertilizers/Lime

  Freight/Trucking

  Gas/Fuel/Oil

  Insurance

  Interest-Mortgage

  Interest-Other

  Rent/Lease-Vehicles, Etc

  Rent/Lease-Land, Animals

  Repairs/Maintenance

  Seeds/Plants

  Storage/Warehousing

  Taxes

  Utilities

  Veterinary, Breeding, Medication

 

 

 Additional Info

  Business Use of Home

  Need total square footage of Home and square footage used for business.  NOTE: It is difficult to classify a room as exclusively used for business.

 

  Day Care Meals

  Need total (annual) number of children eating breakfast, AM snack, lunch. PM snack, and dinner.

 

  Business vs Hobby

If you loose money every year the IRS may classify your biz a hobby or socializing.  This would result in income being reported as "Other Income" on your 1040, and deductions limited to Schedule A limitations.

 

  Self Employment Tax

In addition to  income tax you pay approx. 15% tax on biz profit.  WI does not have a self employment tax.

 

Depreciation

For most small business purposes it may be advantageous to depreciate items purchased over their life rather than using the deduction all at once (sec 179)

 

Was 2015 your first year in business?

 

 

 

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