It's tax time, which means almost 21 million self-employed people are preparing to fill out their tax returns, including Schedule C: Profit or Loss from Business. Should be pretty easy - just enter how much money came in and went out of your business last year. Right?
Well, not so much. As we've learned from the thousands of people using Outright.com to help them with their business bookkeeping, it can be hard to know how to classify certain expenses. So we enlisted the help of two pros: Jeanné Neubelt of BookWorks Total Bookkeeping Services and Cheryl Hinkson of For Your Business Bookkeeping Services to get their perspective.
Based on input from the Outright.com user base, and with the assistance of our experienced bookkeepers, we've compiled a list of the 9 "hardest to classify" business deductions. They are:
1. Business cards
When you first hang out your shingle, you might head down to the local printer to get some business cards made up. But what kind of expense is that?