Tracking Office Supplies for Tax Purposes

[HealthNut]

ok, so when it comes to expenses and keeping track (for tax purposes...) you guys track EVERYTHING?

I guess one specific item I'm thinking of - I like to print a lot from my home printer - would ink (which is not exactly cheap) be considered a business expense?

How do I keep track of certain things, such as office supplies, for tax purposes?

Thanks!!

 

[babywings76]

Ink, paper, labels, envelopes, stamps, name tags for shows, pens, you name it--they are all business expenses. I buy all my business materials using my PC credit card. I save the receipts and keep them in a folder. I enter them into P3, where you can customize the categories.Also, mileage to and from the post office, bank, shows, cluster meetings, etc. are also business expenses. Keep track of them and you can enter them into P3 as well.Your website subscription, newsletter (if you have a service other than PC's), iContact, too. Your food, too--Any time you try a new recipe or practice one, those ingredients you can deduct, as well!

 

[mountainmama74]

Also if you went to conference: conference registration, air fare, hotel expenses, food expenses... The same goes for if you attended a Spring Launch meeting, or Director Express.

 

[HealthNut]

Ink, paper, labels, envelopes, stamps, name tags for shows, pens, you name it--they are all business expenses. I buy all my business materials using my PC credit card. I save the receipts and keep them in a folder. I enter them into P3, where you can customize the categories.

Also, mileage to and from the post office, bank, shows, cluster meetings, etc. are also business expenses. Keep track of them and you can enter them into P3 as well.

Your website subscription, newsletter (if you have a service other than PC's), iContact, too. Your food, too--Any time you try a new recipe or practice one, those ingredients you can deduct, as well!

WOW! I am going to have to find my receipt for the ink I bought the other day (printed off busines cards and "think about it packets")...too bad my mom bought the business cards I printed...but that's good to know. I will start keeping track of EVERYTHING!!! Thanks!!

 

[PamperedchefDaly]

Also if you went to conference: conference registration, air fare, hotel expenses, food expenses... The same goes for if you attended a Spring Launch meeting, or Director Express.

Actually, one-half of the food expenses would be deductible.

 

[BethCooks4U]

Actually, one-half of the food expenses would be deductible.

To clarify: If you are eating in a restaurant (even fast food) you deduct the whole amount as meals and the tax formula allows half of that as an expense. If you are buying groceries to try out a recipe or provide for a host the entire amount is deductable. You can "try" a recipe two times and use the deduction.

 

[tys1031]

I tell all my tax clients keep ALL RECEIPTS! Almost everything you use & do related to your business is tax-deductible. Also, if you have a separate account for PC, keep all your bank statements. That can be a good secondary source of information in case of lost receipts.