Get Ready for Next Year: Expense Tracking Tips

[cookingwithlove]

I need to be more prepared next year. Does anybody have a good spread sheet for compiling expenses. I use PP3 for most of the expenses, but what about the mileage, gas, phone...

Thanks for any insights!

 

[pamperedtara]

I don't have a spreadsheet, but I bought a very inexpensive ($2) mileage tracker at Office Depot that I keep in my car. It is about the size of a pocket calendar & there are spaces to write other expenses as well.

 

[Kristina21]

Since I have a real room to call my office I just make copies of my utilities and put them in my "taxes" folder in my file cabinet. At the end of the year I figure out %'s and stuff.

 

[chefann]

I need to be more prepared next year. Does anybody have a good spread sheet for compiling expenses. I use PP3 for most of the expenses, but what about the mileage, gas, phone...

Thanks for any insights!

You can add categories to P3 for those expenses, just keep receipts. Mileage is already in P3. In fact, there's a place to enter it on each show. I really like using P3 to track all my expenses, because the report it generates is so handy for tax time.

 

[fruit76loop]

You can add categories to P3 for those expenses, just keep receipts. Mileage is already in P3. In fact, there's a place to enter it on each show. I really like using P3 to track all my expenses, because the report it generates is so handy for tax time.

This is exactly what I do too. I add all the extra categories I need, such as mortgage, gas, power, water, garbage etc. :thumbup: :thumbup:

 

[hperschnick]

I put my expenses in P3 also and added the categories I needed.

I have a question about giving this to my accountant though. The report I ran is very detailed like mileage by each show, etc. Do you just give them that report or do you do another spreadhseet with just the categories and the totals? This is my first tax year with PC and I don't know how detailed they need the expenses.

thanks.

 

[chefann]

Well, my accountant is DH (not actually an accountant), and I just give him the printout of the report, and he puts the totals for each category in the applicable spot on the Schedule C.

 

[cookingwithlove]

I thought I had to tie the expense to a show in PP3, but it sounds like I can just add random expenses? Is this correct, if so can you tell me how?

 

[KellyTheChef]

I thought I had to tie the expense to a show in PP3, but it sounds like I can just add random expenses? Is this correct, if so can you tell me how?

Yes...I add in my receipts for testing food, mileage for team meetings and other "non show" mileage, my new GPS system, etc.

There is a space on there to "edit" catagories. You can add catagories there. I made one for "National Conference" so all of my conference expenses showed up together on my expense report for the year.

 

[chefann]

In P3, you click the little dollar sign button on the top to add an expense. If it's not associated with a specific show, just leave the show number box empty.Tracking your expenses as the year progresses is a good way to check whether you're overspending on your business and need to cut back on extras.

 

[Becky0216]

wow, I never thought all this stuff could be claimed on taxes. I will have to track even more now.

 

[KellyTheChef]

Let's list things you can deduct for newbies:

~Ingredients to "test" recipes (can test a recipe up to 2 x's)
~Mileage to/from stores with deductable items (as in the Post office, or your grocery store, etc.)
~Ingredients that you take to shows as an incentive for host
~Supply orders (automatically asks you if you want your supply order to go into your expenses, just say yes)
~Sample orders (products to display and sell)
~Personal orders (if the product is going to be used or given away through your business)
~Logo clothing
~Business "office" expenses (printer ink, business cards, pens, paper, etc.)
~Any and all expenses while at training (mileage, tolls, food while there, registration fee, etc.)
~If you have a DEDICATED business office ("regularly and exclusively" used for your business) you can claim that % off your house as a business expense. This includes a % of your utility bills too....check with your CPA for specifics!
~Any show expenses (consultant gift payment on a guest's order, ingredients, postage, tolls while driving, etc.)
~Ingredients to "donate" recipes at team meetings
~Donated items for raffle baskets, or that some charity asks you to donate


I am sure there are others...post them to help newbies document and save the necessary receipts!!

 

[cpaylor]

Thanks for the info! I was going to ask the same question.

 

[cookingwithlove]

Thanks so much for the insight. I did not realize that I could add all the receipts in PP3. That will make it much easier. That is if I just enter them!!