INCOME PROFIT OR LOSS BALANCE

100 http://www.irs.gov/pub/irs-pdf/i1040sc.pdf -658.14

DATE EVENT AMOUNT http://www.irs.gov/pub/irs-pdf/p334.pdf
1/25/11 DVD of digital files from Keith
100andhttp://www.irs.gov/pub/irs-pdf/i1040sc.pdf
Kathy's wedding

Business Assets Summary (section 179 or depreciation) Total of all itemized business expenses found below
(miles not included)
709.14 49
DATE PURCHASE ITEM COST
2/7/11 59" Light Reflector from Amazon
42.9 . Com out of Chase account
2/7/11 Tamron SP AF 70-200 2.8 Di625
Ld(if)Macro Lens from Lila Armock Photography, through Craig's list. Email Negotiations are
2/15/11 Torch Light and Clamps from
41.24
Lowes out of PNC account

Advertising and promotional

costs like print or media ads, These vary by state and locality
business cards, mailers, - Business license, vendor fee
brochures, wavers out front, for set up in a public place,
signs, pens and give-away The mileage cost for your inspection fee, any fee which
items with the company name, vehicle (figured on part II of must paid in the course of
samples orADVERTISING
freebies to promote sched C)VEHICLE
OR (and you only get
EXPENSE
opening your business. Also
COMMISSIONS/FEES
business, Include here also any one or the other) from Form any commissioned work (like
49 0
sponsorships like buying an ad 4562, your gas, oil, repairs, out sourcing, 0or hiring video
in a high school sports program insurance, depreciation, production). For commissioned
to promote the business (AAA license tags. The current outside work - we are required
business wants to wish the (2010) standard milage rate is to send them a Form 1099-
Warriors a great season) 50 cents per mile. MISC if over $600
WHERE and
DATE PURCHASE ITEM COST DATE REASON MILAGE DATE PURCHASE ITEM COST
1/20/11 Kalamazoo Bride Magazine insertion
49 fee charged to Discover.
 Landscaper, Electrician,
Remodeler, Cleaning service.
You hired a contractor to
handle some one time job like
replacing a roof or an ongoing
chore like keeping the
landscaping up to par so that
you don't have to.  The key is
that you hired a company or
an independent contractor to
handle this. I put second
shooters, light assistants, and
paid models here because
they are "independent
contractors" that I contract
(they work the way I tell them Not your insurance.  This
Business phone, msg
COMMUNICATIONS center, I want the
EXPENSES job done).
CONTRACT LABORIt's hard insurance is for your business
INSURANCE
dedicated internet
0
service (can to tell the difference
0
between and for the operation
0
of your
we deduct a percent?). My "contract labor" and business.  Examples would be
communication expenses are "commissions". Same as liability (the coffee is hot,
personal, as well as business commissions though, if we maam), fire, theft, robbery,
combined. Dedicated expenses pay them over $600, we must flood, hail, volcano, Acts of
are easiest to deduct. send them a MISC -1099 God, etc.
WHERE and
DATE PURCHASE ITEM COST DATE REASON COST DATE PURCHASE ITEM COST
 INTEREST LEGAL AND PROFESSIONAL FEES OFFICE EXPENSES
0 0 0
Interest on loans to finance Most comonly lawers and Office Supplies - Ink, paper,
your business, on credit card accountants, but also toner, pens, staplers and
charges for business expenses, including association staples, paper clips, folders,
and interest on a vehicle loan memberships, organization and, guess what?  If you have
for car or truck used in dues, one time professional an office with a public
business
DATE (if car ITEM
PURCHASE used 1/2COST
time DATE consult fees (marketing,
PURCHASE ITEM COST bathroom,
DATE WHERE andthen use that
REASON COST
in business, deduct 1/2 interest management, organizational, company credit card to buy
here, 1/2 on sched A-which you technical, website analysis) , hand soap, towels, toilet paper
may or may not need)  Just as logo and web design fees. and the rest because it is
a word of warning here,  If you Fees for tax advice and tax deductible too.  Coffee service
are going to be doing a lot of preparation (and in the is here if for clients.  You can
credit card purchasing for infinite wisdom of our tax put snow removal, lawn care,
business needs, you would do system ((you will love this cleaning service under this
well to open a card just for one)) only the cost of also.  Remember that the name
your business and keep the preparing the sched C, CEZ, of the game is to spread the
accounts separate. SE, 4562, 8829, and expenses out so that you have
accompanying worksheets something under as many spots
can be deducted here as possible.
because only they have to do
with your business) Figure
that at $100-$300 per
business.  If you and your
spouse have separate yours,
mine, and ours businesses, for
instance, that could be $300-
$900 depending on the
complexity.  Some put
accounting, payroll, and
reference firms under contract
labor on line 11.  Other tax
preparers may put them
here.  Either works.

EQUIPMENT RENTAL OTHER RENT REPAIRS AND MAINTENANCE

0 0 0
Like lenses and lights. Like studio space or land. This one refers to cost of labor,
supplies and any other items
that do not increase the value
or life of the property.  It broke
WHERE and and you had it fixed.  If you
DATE PURCHASE ITEM COST DATE REASON COST DATE WHERE and REASON COST
fixed it yourself, you cannot
pay yourself and then deduct
the labor.  If you replaced
whatever broke with something
new, you need to put that
under a new purchase - 13 for a
big item, 18 or 22 for a small
item.
  If you don't take a tax off
somewhere else, it falls into
this category.  Look at it like
this - on an office space, it
goes in with the rent (not
here).  Sales tax on
merchandise you sell is turned
over to the state and not
reported here.  HOWEVER -
You can deduct real estate Flights, taxis, hotels, etc. You
and personal property taxes have to be away from your "tax
SUPPLIES on business assets,
TAXES AND Federal
LICENCES home" overnight. 
BUSINESS That means
TRAVEL EXPENSES
0
highway use 0
tax, business away from where
0
you do
permits, and licenses and business, not away from where
Are you producing a product? 
taxes on a car or truck used in your family lives.  The
What do you need to create it? 
business (if car used 1/2 time expenses have to be business
What must you order to have it
in business, deduct 1/2 taxes related, and cannot include the
in stock?  Those are your
here, 1/2 on sched A-which costs incurred by a spouse or
supplies.  Put the cost of them
you may or may not need)  dependent.
here.  Do not include your WHERE and
DATE PURCHASE ITEM
inventory.  (Cloth forCOST
a DATE REASON COST DATE PURCHASE ITEM COST

seamstress = supplies, cloth

for a cloth store = inventory. 
The first example belongs
here.  The second does not.)

MEALS AND ENTERTAINMENT AT THE 50% LEVEL UTILITIES MISCELANOUS

0 0 0
 There is a portion of the
schedule C to enter these
expenses and then you will get
to deduct either 30 or 50% of
the total allowable.  The 3
martini
DATE lunch is folklore. 
PURCHASE ITEM Wiped
COST
out by an overzealous media.  100%.  If you have a pager or
If it is directly related to the Other Expenses - You spent it
business, AND EXCLUSIVE to on the business and would not
the business list it here.  have needed it except for the
Telephone, lights, gas, etc.  If business.  You only used it in
you have a separate office the business.  Put it here with
WHERE and
away from
DATE home, deduct
REASON COST an explanation
DATE of what it
PURCHASE ITEM is.
COST
cell that is business only,
100%. If you use part of your
home (exclusively for the
business), take the square
footage of the home, the
square footage of the work
only area and that will give
you the percent of work space
in your home.  If it is 15%,
take 15% of your utilities.  (A
construction worker that
housed his truck, fully loaded
with tools, in a locked garage
where the only other things
were a desk and storage for
more work tools could
legitimately claim the garage
as a home office - if no one
else ever parked there)