Gross receipts or sales
Total income, gross receipts or sales from all trade of business operations.
Income received by the business that was not entered anywhere else.
Returns or allowances (enter negative)
Cash and credit refunds the business made to customers for
returned merchandise, rebates, and other allowances made on gross receipts or sales.
Cost of Goods Sold
Cost of Labor
Expenses related to the labor of the cost of goods sold.
Expenses related to cost of good sold that was not deducted anywhere else. Examples would include engineering and design, freight-in (but not freight-out), Supplies, Taxes, Utilities that were not deducted anywhere else.
Amount of the purchases made, less items withdrawn for personal use.
Expenses related to the set up of your books and/or to keep your books.
Expenses include: business cards, flyers, website/online advertising.
Automobile & truck expenses
Fuel, repairs, registration fees, and insurance.
Expenses include total debts that became worthless in whole or in part during the tax year, but only to the extent such debts relate to a trade or business activity. CAUTION: Cash method
taxpayers cannot take a bad debt deduction unless the amount was previously included in income.
Expenses include monthly service charges, returned check fees, ATM fees.
Deduction for the adjustment of cash short or over the amount that should have been
received for the goods purchased.
Expenses related to cell phones.
Clean fuel vehicle deductions
Applicable vehicles can be entered here (rare).
Expenses are commissions and fees paid that you have not entered anywhere else.
Expenses related to computers. Do not include items that need to be depreciated.
Expenses paid for consulting.
Credit and collective costs
Expenses include credit card processing fees and collection costs. Merchant fees can go here as well.
Expenses related to delivery that were not deducted anywhere else.
Expenses related to discounts. Do not include discounts given for goods or services provided.
Dues and subscriptions
Expenses for subscriptions to professional, technical, and trade journals that
relate to your field of business.Generally, you may not deduct membership dues for any club organized for business, pleasure, recreation, or any other social purpose except for the following organizations as long as the main purpose is NOT to provide you with entertainment activities or entertainment facilities:
Boards of Trade
Chambers of commerce
Civic or public service organizations
Professional organizations such as bar associations and medical associations
Real estate boards
Education and training
Expenses for continuing education or training to keep current for your
Employee benefit programs
Expenses for Life insurance and other employee benefit programs.
Expenses for rented equipment.
Expenses for freight costs related to the business that is not deducted anywhere else.
Expenses related to fuel. Do not include fuel that was already included with the auto expense.
You may deduct the cost of business gifts with the following limits: 1. Cannot deduct more than $25 for business gifts you give directly or indirectly to any one person during the year. 2. A gift to a spouse of a business customer or client is an indirect gift to the customer or client. Employee achievement awards are not gifts. Items that cost less than $4 and has your brand or logo on them or is some other type of advertising is not a gift.
Expenses paid to an independent contractor for services performed.
Insurance: Building & Equipment
Fire, theft, floor or similar insurance on buildings & equipment.
E&O insurance, employer liability insurance, malpractice insurance.
Coverage for bodily injuries for persons who are not your employees or property
damage to others.
Insurance: Other Insurance
Credit insurance, accidental and health insurance for shareholders in a S-
corp, overhead insurance.
Insurance: Workers’ Compensation
Workers’ compensation insurance set by state law that covers any claims for bodily injures or job-related diseases suffered by employees in your business.
Includes interest incurred in the trade or business.
Expenses related to internet charges.
Expenses related to janitorial.
Laundry & Cleaning
Expenses related to laundry and cleaning.
Legal and Professional
Legal and professional fees that are ordinary and necessary expenses for
operating your business. Do not include fess paid to acquire business assets.
Expenses related to marketing. Do not include items that were included in the advertising expense.
Meals and entertainment
Business related meal expenses.
Expenses related to meetings.
Any expenses that don't fit into other categories.
Officer Compensation - Shareholders
Salary or wages paid to a more than 2% shareholder. This is W2.
Other deductions (itemize)
Any deductions that don't fit into other categories.
Any expenses that don't fit into other categories.
Outside services and contractors
Expenses related to outside services or contractors that was not
deducted anywhere else.
Parking fees and tolls
Expenses related to parking fees and tolls.
Payroll processing expenses
Payroll service provider expenses, and other expenses relating to preparing
payroll, payroll reports, and payroll tax reports. Do not include payroll taxes paid.
Pension, Profit-sharing, and other plans
Expenses related to starting and maintaining pension, profit-sharing and other plans for employees.
Permits and fees
Permits, licenses and regulatory fees for your trade or business paid each year to state or local governments.
Expenses related to postage and shipping that we not deducted anywhere else.
Expenses related to printing that we not deducted anywhere else.
Expenses related to recruiting.
Rent for space or building used in the business. Do not include equipment rental.
Repairs and maintenance
Include the costs of incidental repairs and maintenance, such as labor and supplies, that do not add to the value of the property or appreciably prolong its life, but only to the extent that such costs relate to a trade or business activity and are not claimed elsewhere on the return.
Salaries and wages to non shareholders
Salary or wages paid to an employee that is NOT a shareholder.
Expenses related to sales. Do not include sales tax.
Expenses related to security.
Expenses related to computer software.
expenses for materials or supplies used or consumed in the business during the tax year. Do not include any items that are kept in inventory.
Taxes and licenses
Expenses include taxes paid during the year for state/city income taxes, state/city franchise taxes, property tax and employer payroll tax. (Examples: FICA, Medicare, Federal & State Unemployment). Licenses that were not deducted elsewhere can also be entered here. Pre-paid taxes can go here as well.
Expenses related to a telephone. Do not include cell phone expenses.
Expenses related to tools used in the business.
Expenses that are ordinary and necessary that you paid while traveling away from home for your business or profession. This includes hotel and lodging.
Expenses related to uniforms.
Electricity, heat, water, and sewage. Do not include any portions that are attributed to
Expenses related to waste removal. Do not include items that were in your inventory
and then removed.