Taxes and the spreadsheet

I'm starting a new thread about keeping track of expenses for taxes. If the mods need to move it to the original thread, please do so.

I called my accountant about what we can or cannot take as expenses on our schedule C for the tax year of 2016.

Meals may or may not be included. I drive out of town and put approximately 400 miles on my car for my routes. These meals may be allowed, keep records. Office expenses keep records. New equipment keep records.

Meals, they may be allowed because I normally drive out of my area. I was told to set up a spreadsheet with the location, miles and the amount I spent. I was also asked to keep hard copies of receipts if at all possible. My accountant will take the allowed deduction if my mileage allows for it. If you are only doing routes in your own hometown vicinity; meals will not fly.

Office expenses, keep track of everything.

Equipment, video, GPS and camera record on a spreadsheet. You may be able to take the depreciation cost that in theory you don't have to repay the gov't if you get rid of it.

In other words I was given the same advice I try to give everyone who asks about taxes. Keep track of everything. Save receipts if you can. And SET UP SPREADSHEETS!

I'm working on a new spreadsheet so hopefully it may help others, but it is a work in progress. Please be patient. Also my spreadsheet may not be how you want to keep track. I am trying to do it in such a way that if you have your taxes prepared by someone else as I do, it will be easier for them to follow.

I was told to keep the most accurate records I can, Same information I have given my own tax clients when I was preparing taxes.

MaryAnn

Live your life in such a way that when your feet hit the floor in the morning; the devil shudders...And yells OH #%*+! SHE'S AWAKE!

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