Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Hey everyone, I was hoping someone could lend me a hand with filling out my Form W-2... I handle my own bookkeeping since I run my own small business here in the States, but I’m having a bit of a hard time tracking down some specific info online...
Here’s the breakdown of my situation:
- all my expenses through my bank account from the start to the end of the fiscal year totaled $33333
- this includes one fuel receipt for $167 (where 30%, or $50, isn't deductible, leaving $117 as the deductible amount)
- it also includes a business trip categorized as a representation expense $267 (of which 70%, or $187, isn't deductible, so $80 is what counts)
- on January 1st, I recorded a personal vehicle valued at $6667, and by the end of the year, after 40% accelerated depreciation, it's at 8,000.00
So, my questions regarding the Form W-2 are:
- my cash expenses are sitting at 0.00
- for expenses paid via bank transfer—how much should I actually list there? $33333 or should it be less, after subtracting those non-deductible representation costs, which would come out to $33097
- for in-kind expenses—what goes in this section? Is it just the $6667 for the personal vehicle or something else?
- for write-off expenses—what am I supposed to enter here?
- for representation expenses—what should I put down for that?
Here’s the breakdown of my situation:
- all my expenses through my bank account from the start to the end of the fiscal year totaled $33333
- this includes one fuel receipt for $167 (where 30%, or $50, isn't deductible, leaving $117 as the deductible amount)
- it also includes a business trip categorized as a representation expense $267 (of which 70%, or $187, isn't deductible, so $80 is what counts)
- on January 1st, I recorded a personal vehicle valued at $6667, and by the end of the year, after 40% accelerated depreciation, it's at 8,000.00
So, my questions regarding the Form W-2 are:
- my cash expenses are sitting at 0.00
- for expenses paid via bank transfer—how much should I actually list there? $33333 or should it be less, after subtracting those non-deductible representation costs, which would come out to $33097
- for in-kind expenses—what goes in this section? Is it just the $6667 for the personal vehicle or something else?
- for write-off expenses—what am I supposed to enter here?
- for representation expenses—what should I put down for that?