What are Business Expenses?
Right? What are business expenses? Can I take my personal vehicle and write off all my trips because I own a business? No, sorry, you can't, but there is a way to keep track of business and personal expenses.
The best thing to do is first, get a business checking account, and if you need to a business credit card to keep your business expense separate from your personal assets.
Next, what are business expenses? What can I write off? Great, question. Here is a list of common business expenses:
• Advertising
• Business Insurance
• Commissions and Fees
• Contract Labor*
• Depreciation of Assets
• Interest
• Job Supplies
• Mortgage for Office, storage, and or manufacturing center
• Legal and Professional Services
• Office Supplies
• Rent or Lease of Office, storage, and or manufacturing center
• Rent or Lease of Vehicles, Machinery, and Equipment
• Repairs and Maintenance
• Taxes and Licenses
• Travel for business
• Utilities
• Vehicle Expenses* or mileage (Mileage not reported on P&L)
• Business use of Home Office (Not reported on P&L)
You may still have questions, right? Well, I created just the printable for you! Download it today!