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canance
New Member

How to choose categories for certain business expenses: professional tour guides, website hosting and domain/display racks/equipment.

 
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AmandaR1
New Member

How to choose categories for certain business expenses: professional tour guides, website hosting and domain/display racks/equipment.

You can enter your expenses under the category that best describes your cost based on your business purpose and industry and I'll include some options. See the screenshot of schedule C expense categories below. You'll find all of these expenses listed within your self-employed business, under expenses. 

  • For tour guides, if they are what your company primarily provides you could label this as Supplies. Alternatively, you could base this on how they're paid, whether commission based (enter under Commissions), or if they are paid as employees (enter under Wages) or if they are subcontractors, or 1099 workers, or independent contractors (enter under Contractors). 
  • For Website and domain costs you can use Advertising. 
  • For equipment and racks you can add these items to the software as Assets. Assets are items you purchase to use in your business to make money for more than one year's time. These expenses are deducted over the "useful life" according to "depreciation rules" but there's elections to deduct the asset costs in full, if the cost of each asset is $2,500 or less. The software will walk you through handling assets, under business expenses as well. 

There's also a miscellaneous expense option where you can enter a description and amount, which may be used if you don't see other categories that fit (use sparingly).

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1 Reply
AmandaR1
New Member

How to choose categories for certain business expenses: professional tour guides, website hosting and domain/display racks/equipment.

You can enter your expenses under the category that best describes your cost based on your business purpose and industry and I'll include some options. See the screenshot of schedule C expense categories below. You'll find all of these expenses listed within your self-employed business, under expenses. 

  • For tour guides, if they are what your company primarily provides you could label this as Supplies. Alternatively, you could base this on how they're paid, whether commission based (enter under Commissions), or if they are paid as employees (enter under Wages) or if they are subcontractors, or 1099 workers, or independent contractors (enter under Contractors). 
  • For Website and domain costs you can use Advertising. 
  • For equipment and racks you can add these items to the software as Assets. Assets are items you purchase to use in your business to make money for more than one year's time. These expenses are deducted over the "useful life" according to "depreciation rules" but there's elections to deduct the asset costs in full, if the cost of each asset is $2,500 or less. The software will walk you through handling assets, under business expenses as well. 

There's also a miscellaneous expense option where you can enter a description and amount, which may be used if you don't see other categories that fit (use sparingly).

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