Business Deductions

Common Business Expenses

Accounting
Advertising
Amortization
Answering Service
Auto/Truck Expenses
Bank Charges
Commissions
Computer Expenses
Contract Labor
Contributions
Cost of Goods Sold
Credit Card Fees
Delivery/Freight
Depreciation-Items over $100
Dues and Subscriptions
Entertainment
Entrance Fees
Gifts
Insurance
Internet
Interest-Mortgage
Interest-Other
Inventory-Beginning and End
Janitorial
Laundry/Cleaning
Legal/Professional Fees
License/Permits
Management
Meals
Miles
Miscellaneous
Office Expenses
Outside Service
Parking Fees/Tolls
Postage
Printing
Rent-Vehicle
Rent-Machine/Equipment
Rent-Building
Rent-Other
Repairs/Maintenance
Sales Expense
Security
Supplies
Taxes
Telephone
Temporary Help
Tools
Trade Show Expenses
Training/Seminars
Travel
Uniforms
Utilities
Wages/Salaries

Common Farm Income/Expenses

Income

Livestock Sales
Cost/Basis of Livestock
Livestock (raised)/Produce/Grains
Cooperative distributions
Agricultural Programs
CCC
Crop Insurance Proceeds
Custom Hire
Fuel Tax
Other Income

Expenses

Auto/Truck
Chemicals
Communications
Conservation
Custom Hire
Depreciation
Feed
Fertilizers/Lime
Freight/Trucking
Gas/Fuel/Oil
Insurance
Interest-Mortgage
Interest-Other
Rent/Lease-Vehicles, Etc
Rent/Lease-Land, Animals
Repairs/Maintenance
Seeds/Plants
Storage/Warehousing
Taxes
Utilities
Veterinary, Breeding, Medication

Additional Info

Business Use of Home

Need total square footage of Home and square footage used for business. NOTE: It is difficult to classify a room as exclusively used for business.

Day Care Meals

Need total (annual) number of children eating breakfast, AM snack, lunch. PM snack, and dinner.

Business vs Hobby

If you loose money every year the IRS may classify your biz a hobby or socializing. This would result in income being reported as “Other Income” on your 1040, and deductions limited to Schedule A limitations.

Self Employment Tax

In addition to income tax you pay approx. 15% tax on biz profit. WI does not have a self employment tax.

Depreciation

For most small business purposes it may be advantageous to depreciate items purchased over their life rather than using the deduction all at once (sec 179)

Was this your first year in business?