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Thread: Expenses

  1. #1
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    Default Expenses

    When keeping record of and deducting expenses, do you also do any tax paid on those expenses?

    Does anyone know of any microsoft access databases for expenses? Are there any computer programs that keep track of expenses?
    Last edited by magicman; 05-03-2009 at 10:12 AM.

  2. #2
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    I guess you could find some database templates all over the internet, even Microsoft has some.
    Regards,
    Daniel

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    There are tons of options for bookkeeping and accounting programs. Some names off the top of my head include Simply Accounting and Quickbooks. Accountants around here recommend Simply Accounting, but I simply hate it. It works though...but then so does an old fashioned ledger.

    When I ran a dayhome, I set up my tracking/recording in Excel - it took a while to set up just the way I wanted it, but it worked well for me at the time.

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    Mr. Tax Man
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    I know a lot of people who use Microsoft Excel. Some even use their checkbook register (which works fine with the cash basis).

    Don't buy a Cadillac if a Toyota will work.
    Small Business CPA
    "A tax loophole is something that benefits the other guy. If it benefits you, it's tax reform."

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    When using Excel, how do you separate the different types of deductions? I want to separate the deductions into the categories on the Schedule C.

    I don't know much about excel, so I am thinking a separate spreadsheet for each category
    Last edited by magicman; 05-04-2009 at 05:42 PM.

  6. #6
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    Take a look at other spreadsheet applications. There are a few methods of doing it.
    Small Business CPA
    "A tax loophole is something that benefits the other guy. If it benefits you, it's tax reform."

  7. #7

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    We have a completely free edition of Simply Accounting First Step! It's designed for small businesses with basic requirements. It prepares invoices, pays bills, tracks revenue and expenses, and calculates GST/HST and PST/QST.

    <please set up a signature>

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    Does shipping and tax go into a purchase expense?

  9. #9
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    So if you buy a $10.00 item online, pay $5.00 for shipping and $0.50 in tax -- do you expense out $15.50? Yes.

    On the supplier side, the $15 is revenue, and $0.50 is a liability until they remit it to the state. Then whatever the actual costs for shipping are would be their company's expense.
    Small Business CPA
    "A tax loophole is something that benefits the other guy. If it benefits you, it's tax reform."

  10. #10
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    Thank you!

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