I am new to this and want to make sure I understand. I have quite a bit of expenses and not much income. How should I deduct them, and how much can I deduct if more than income?

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Miranda
My Busy Assistants

Talk to an accountant - you may be able to carry expenses forward. I know that because we are incorporated, we can.

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Julia

You really do need to speak with an accountant. Startup costs are deductible (not sure if 100% or not). Do a search here on the forums as well because I do know we have touched on this topic before.

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Dawn Riley
A Virtual Assistant in Paradise
Our business is about making yours better

Don't worry about it. All you need to do is keep track of all your income and expenses and your tax preparer (always use a qualified tax preparer) will know what can and can't be deducted and will know how to qualify you for the best tax savings.

As the others mentioned, if you have more expenses than income then more than likely you will have some expense that will rollover to be deducted from next years income.

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Rebecka Melson ~ Virtual Business Services

I am new to the forum so, I am not sure if I am in the right area. But, I am looking for an already designed template to put in my monthly expenses and income. I do not want to use quickbooks just yet. Any ideas? I didn't think it would be this hard to find but, it is. I am looking for something that you can itemize your invoices that you give to clients and your expenses for that month.

I would recommend starting out with QuickBooks Simple Start's Free version, which you can find at http://www.accountant.intuit.com/simplestart

You can upgrade to the standard Simple Start or QuickBooks Pro later if you need to.

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Rebecka Melson ~ Virtual Business Services

I am very familiar with quickbooks. But, at this time I didn't want to use quickbooks. I was wondering if anyone knows of an excel spreadsheet where you can just input in your monthly numbers.

You may want to check out some of Microsoft's online templates if you are looking for something really simple to work with. However, the Simple Startup for Quickbooks may maybe better, but it is truly up to you.

Good Luck

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Katrina
KRB Administrative Resources, LLC

Do a search in the online Microsoft templates. They have some pretty good ones, you may find what you need there.

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Rebecka Melson ~ Virtual Business Services

Question that falls under this topic but not really related:

I am setting up my Quickbooks and I love it so far. I had a question about utilities. I like to keep all of my expenses within Quickbooks, but I don't pay my utilities out of my business account. How can I still show this as an expenses (the percentage that is taxable that is). For instance, say 13% of my house is my home office, my husband pays the utilities for the whole house, but how am I able to show the 13% that would be a business expense?

thanks for any insights here.

tj

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Tamika R. Johnson, MBA, Principal
administrative partners, llc
www.administrativepartners.net | http://adminpartners.blogspot.com