Top 9 confusing business deductions

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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?

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By Li
Jun 26th 2015 01:11

Very useful. Thank you

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By tuffis
Jun 26th 2015 01:11

Thank you. I was having a hard time with the Net hosting and where to put it as my business IS ecommerce and I feel like if I put Net Hosting in Advertising, it would be like saying that if I had a brick and mortar location that the structure and maintenance should be advertising, so it didn't feel right. . I can understand how a site could be considered advertising IF you already have a retail location but if your site IS your location for people to visit and buy, then I definitely feel that the hosting should go into utilities, and the other things like online advertising with google, amazon etc that direct people to my ecommerce site would be my advertising.

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By John Yang
Jun 26th 2015 01:11

This was a very helpful article, thanks!

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By Sarah Smith
Jun 26th 2015 01:11

Hi I am using intuit and they don't have the exact term Contract Labor they do have the option of subcontractor or cost of labor. Do you know which means contract labor or are they the same thing?

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By BM
Jun 26th 2015 01:11

Thanks - know this was a while ago but still very useful and quick and easy answers.

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Jun 22nd 2016 13:07

Hi, does this apply to logos as well? For example, say my company is registered as "Something XYZ, LLC" and offers investment funding; however, my logo is a copy image with the "Something XYZ Investors" beneath it...would I still need a DBA?

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