| Income |
Examples |
| Business Revenue |
Sales of products or fees for
services provided to customers |
| Interest
Income |
Interest earned on
bank accounts or bonds held in business
name |
| Dividend Income |
Dividends from stocks or mutual funds held in business name |
| Asset Sale
Proceeds |
Income from sale of
business equipment, property and
investments |
| |
| Deductions |
Examples |
| Advertising |
Cost of advertisements, promotional
items, marketing fees |
| Automobile
Expenses |
Business vehicle gas,
oil, and repair costs; interest on vehicle loans;
parking and tolls paid; depreciation (write off) of
vehicle cost over a number of years, or deduction of
lease payments; to simplify record keeping, can take a
standard mileage rate per business mile instead of
actual expenses. |
| Bank Fees |
Monthly bank service charges,
returned check fees, credit card annual
fees |
| Depreciation |
Write off over a
number of years the cost of buildings, equipment,
vehicles and business aquisition costs (amortization);
certain equipment items can be written off immediately,
subject to certain limits. |
| Dues and Publications |
Business organization dues,
subscriptions to newspapers and trade
magazines |
| Entertainment |
Customer and business
associate meals, sporting events, theatre. |
| Equipment Rental |
Rental tools, computer
leases |
| Insurance |
Business liability
insurance, auto insurance, workers compensation
insurance |
| Interest Expense |
Interest paid on business loans, auto
loans; finance charges on business credit
cards |
| Licenses and
Permits |
Business licenses,
corporate filing fees, construction
permits |
| Office Expenses |
Office supplies, computer disks and
software, postage, delivery and printing, internet
access fees |
| Payroll and
Subcontractors |
Wages to employees,
fees paid to non-employees |
| Professional Fees |
Fees paid to accountants, attorneys,
and other outside consultants |
| Rent |
Rent paid for office
space, warehouse space, or off site
storage |
| Repairs and Maintenance |
Costs to repair and maintain
buildings, equipment, and vehicles |
| Taxes |
Payroll taxes,
property taxes, state income and franchise
taxes |
| Telephone |
Business telephone lines, cell
phones, pagers |
| Travel |
Airfare, train
tickets, subway fares, hotels, rental cars |
| Utilities |
Gas, electric, water and sewer,
cable |