Calculate Deductions for Business Expenses.xlsx

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2	Check the notes column on the right for items marked with an asterisk (*)
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4			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	Notes

5	Gross Income*														$ -	*Do not include any W-2 Salary income in this line item
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7	Business Expenses
8		Cost of goods sold													$ -
9		Advertising													$ -
10		Car and truck expenses													$ -
11		Gas, Insurance, Maint													$ -
12		Parking													$ -
13		Commissions & Fees													$ -
14		Depreciation													$ -
15		Employee benefit programs													$ -
16		Insurance (other than health)													$ -
17		Interest													$ -
18		Legal and professional													$ -
19		Office Expense													$ -
20		Wages													$ -
21		SEP, Solo 401(k), profit sharing													$ -
22		Rent													$ -
23		Utilities (for office)													$ -
24		Other leases													$ -
25		Repairs													$ -
26		Maintenance													$ -
27		Supplies													$ -
28		Taxes and licenses													$ -
29		Travel (Airfare, Hotel, etc)													$ -
30		Meals													$ -
31		Entertainment
32	Other (Add Description)														$ -
33		Contractors													$ -
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38		Bank Fees													$ -
39		Postage													$ -
40		Training & continuing education													$ -
41		Web Services (hosting fees, etc.)													$ -
42		Cell phone*													$ -	*Calculate by identifying what percentage of business use is of the monthly cell phone payment (i.e. 60% of $100 a month pmt)
43		Internet*													$ -	*Calculate by identifying what percentage of business use is of the monthly internet payment (i.e. 60% of $33 a month pmt)
44		Total Expenses	0	0	0	0	0	0	0	0	0	0	0	0	$ -
45		Net Business Income (Loss)	0	0	0	0	0	0	0	0	0	0	0	0	$ -
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48	Mileage Tracking		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
49	Business Miles*														0.00	Qualified business miles are miles driven from your office to client meetings/business events/etc. and vice versa, not commuting miles.
50	Personal Miles*															Personal miles include all miles that are not qualified business miles.
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52												2021 mileage rate		$ 0.5600	$ -
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54	Home Office** (if applicable)		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
55	Utilities*														$ -	Enter in the gross amounts paid to the vendor, not the % allocation
56	Rent*														$ -	Enter in the gross amounts paid to the vendor, not the % allocation
57	HOA*														$ -	Enter in the gross amounts paid to the vendor, not the % allocation
58	Insurance*														$ -	Enter in the gross amounts paid to the vendor, not the % allocation
59	**To qualify as a home office, it must be your principal place of business and have a designated area of the home exclusively for business purposes
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61	Office Sq ft		1.00	50%								Tentative deduction			$ -
62	Total Home Sq ft		2.00
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65												Tentative Net Income			$ -
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69	Seperately Stated Expenses		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
70	Owner's Health Insurance														$ -
71	Charitable Donations														$ -
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