Set up your expense spreadsheet to record your business expenses in a way that by the end of the end they are sorted out ready for you to enter them on their corresponding lines on your business tax return form.
How to create a business expense spreadsheet?
At the beginning of the year, it is a good idea to set up a spreadsheet to record expenses as you incur them.
Track your business expenses
Record them with tags that describe where you would deduct it on your business tax return
This makes it easier to file your business tax return
When you set up your business expense spreadsheet use the expenses deduction as listed on the business tax return you would use for your business and have them in columns.
Report expenses under each column they correspond to.
At the end total each column to find the total expense under that expense category.
You could use Table function in your spreadsheet as well to be able to facilitate data entry.
You could create your business expense spreadsheet with the type of deductions you have on your business tax return on top of your spreadsheet
You could put a row on top of that row and enter the line numbers the deductions are listed on your business tax return
How to record your business expenses?
Every time you make a purchase, enter the date, the description of the purchase, and enter the amount enter the deduction type you would report it on your business tax return.
By the end of the year, you would have all your business expenses sorted out and ready to file your business tax return.
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