I have all of may expenses in several Excel spreadsheets.
I am looking for a list of all of the categories that turbotax uses so that I can categorize my items in prep of doing my taxes.
Is there such a list I can download? I have gone through the tax and the help and have been building a list, but I am hoping there is a better way to get this.
This would also help me calc the portion for me and then my wife in our LLC.
I do use the HOME & Business.
Thanks in advance!
Mctabish
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Switch to Forms mode and open schedule C. Or just start a return and look at the expenses listed. There's not that many. If you don't see a category that fits you can always enter it in Other Misc Exp.
And see Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf
Go to Business tab- then Continue
Choose Jump to Full List -or I'll choose what I work on
Then…..
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, Business Expenses, Assets, and Final Details last.
Under Business Expenses, Click Start or Update by Other common business expenses
Advertising is the 1st item under Expenses - Click the Start or Update button
Business Travel is the 2nd item under Expenses - Click the Start or Update button
Commissions is the 3rd item under Expenses (it also includes Fees) - Click the Start or Update button
Communications is the 4th item under Expenses - Click the Start or Update button
Contract Labor is the 5th item under Expenses - Click the Start or Update button
If you paid any one person $600 or more for the year you need to give them a 1099Misc.
Insurance Payments is the 6th item under Expenses - Click the Start or Update button
Interest Payments is the 7th item under Expenses - Click the Start or Update button
Legal and Professional fees is the 8th item under Expenses - Click the Start or Update button
Meals and Entertainment is the 9th item under Expenses - Click the Start or Update button
Office Expenses is the 10th item under Expenses - Click the Start or Update button
Rental Expenses is the 11th item under Expenses - Click the Start or Update button
Repairs and Maintenance is the 12th item under Expenses - Click the Start or Update button
Supplies is the 13th item under Expenses - Click the Start or Update button
Taxes and Licenses is the 14th item under Expenses - Click the Start or Update button
Utilities (but not for home office) is the 15th item under Expenses - Click the Start or Update button
Other Miscellaneous Expenses is the 16th item under Expenses - Click the Start or Update button
That is not quite what I am looking for.
I am looking for the page and the actual titles turboTax uses in each step for the way Turbotax walks you through. and preferably the "examples".
I am wanting this in some format that I can work with my EXCEL so that I can group and categorize in the EXCEL before I start working on the turbotax program. This is for prepping BEFORE I use turnbotax.
I am looking for someting like
Business Expense - Advertising Expenses (with examples if posible -
Examples include:
- Business cards
- Yellow page listings
- Web advertising, banner ads, pay-per-click fees
- Promotional purchases and giveaways (T-shirts, caps, bags, pens)
- Brochures, mailers, flyers
More examples:
- Fees paid to ad and public relations agencies
- Web site creation and hosting
- Business logo design
- Marketing e-mail, direct mail campaigns
- SEO and web traffic analysis
- Promotions and promotional events
- Newspaper, magazine advertising
- TV advertising
- Professional performance videos and CDs
- Package design fees
- Catalogs
- Billboards, signs and display racks
- Phone book advertising
- Sponsorships
- Banners, posters for business
- Bumper stickers, door-hangers related to promoting your business)
Business Expenss - Business Travel Expenses Eamples (
Business Travel Expenses
Examples include:
- Air, train or bus fare for business travel
- Hotel and motel expenses for business travel
- Rental car expenses
- Taxi, shuttle fares and transportation tips while out of town on business
- Gas, oil, parking fees and tolls while out of town (for rental vehicles)
More examples:
- Computer rental costs when away on business
- Internet access fees when away on business
- Phone calls when away on business
- Tips while traveling (except for meal tips, which are only 50% deductible)
- Dry cleaning if you have to stay overnight for business
- Cost of shipping baggage, supplies, products, equipment necessary for business
- Cost of storing baggage and equipment during a business trip
- Late check-out charges, if you are required to stay overtime for business
All these expenses are 100% deductible unless noted.
Note: While you are not required to have receipts for amounts less than $75, it is very important to have documentation showing the business purpose of the expense, say in a diary or spreadsheet.)
etc
It's up to you how you want to categorize them. I gave the main categories for Schedule C and the IRS publication for business expenses.
Ok Thank you.
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