I have a single owner LLC, no employees. Using TT Home and Business. I walk through the guide, but I don't find a good spot for my expenses such as supplies and equipment. It's a cleaning business. Examples of supplies would be soaps and cleaners, towels/pads that wear out, vacuum filters etc. Equipment would be vacuum cleaners and carpet cleaners. Other misc expenses would be brushes (also wear out) which I would call supplies and extension cords/hoses and toolbags to carry things in, those items I would call equipment as well . In what section(s) should I enter each of these things.
Also, would like to know where I can put items such as office equipment (cell phone, chargers, cords) that were purchased for this business. I also bought some storage shelving for my garage to keep supplies and equipment on. Also, bought a trailer hitch to pull a trailer with for hauling the equipment and supplies from location to location for work.
Adding this business to my taxes is overwhelming and TT doesn't seem to help much, this might be the last year I can/will do my taxes myself.
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I will also add. That per the questions on the home office thing I don't have a home office. But I have some expenses I'd like to be able to write off. For instance I use my own washer and dryer to do about 5 loads a laundry a week for cleaning cloths and pads. I estimate this to cost $500 a year in water/electricity/soap/wear and tear. Thoughts on writing this off and where?
The categories are listed alphabetically. You have common expenses and an arrow to add less common expenses.
Supplies are entered in the supply category. Equipment can be under office supplies, unless they are assets that need to be depreciated, such as the trailer. the shelving unit can be depreciated or expensed.
I have Windows Home & Business too. If you can't find where to enter it I can make you screen shots.
Where to enter expenses in the Desktop Home & Business version
For the Home & Business version:
Go to Business tab- then Continue
Business Income and Expenses - Click the Start or Update button
Then click EDIT by the business name and the next screen should be a list of topics,
Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.
Under Business Expenses, Click Start or Update by Other common business expenses. You should see the list of expenses and amounts you entered.
Then click the start or update button by the expense you want to add or edit.
Under Business Expenses, Click Start or Update by Other common business expenses. You should see the list of expenses and amounts you entered.
Then click the start or update button by the expense you want to add or edit.
I am a sole proprietor/self employed individual who is NOT a corporation or LLC. When I try to find the business expense category for supplies the example listed are pens, paper, calendars etc. Is this the correct place to put material expenses like nails, lumber, paint etcetera for my handyman service business?
That is correct. I was the OP here. and it's not intuitive. But if you click on the supplies line where it mentions pens, paper etc. it give you better guidance on what to put. but yeah after staring at if for a couple hours and then finally asking the question here and getting the answers I got, that is the place it needs to go.
any one have any suggestions/guidance for my laundry question above?
For the laundry expenses:
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