![]() They'll make sure you don't miss a deduction, so you can get your tax bill as low as possible. If this seems like too much of a chore, you can always do things the easy way: have Keeper do the work for you. To help feed it, you'll want to enter the details of all your work-related purchases in this blue middle tab. The previous tab did most of the work for you, thanks to the magic of spreadsheets. Here you'll find a couple of hints and best practices to follow, as well as links to useful resources. Do it, and watch the numbers in this column rise! If you want to lower your tax liability as much as you possibly can, you’ll want to record every deduction you possibly can. It shows how much you can shave off your taxable income for each Schedule C category. This column is going to be your meat and potatoes. Your gross expense amount and your tax deduction for these miscellaneous categories will calculate automatically, based on what you enter in the "Other Expense - Grouped" tab. Other expenses: This cell just says "Mixed," because it really depends on what you're writing off.This is in row 19 of Column E, which is also highlighted in yellow. Business use of your home: Have a home office? You'll have to enter the percentage of your total square footage that makes up your workstation.This sheet has already been updated to reflect that. In 20, though, all meals are 100% tax-deductible. Deductible meals: Most years, business meals are only 50% deductible, unless you eat them on a business trip. ![]() (Side note: If you use the standard mileage method instead, check out our free template for mileage logs!) ![]() Put this in row 8 of Column E, which is highlighted in yellow. If you opt for actual expenses, you'll have to enter the percentage of time you drive your car for business purposes.
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