Crossville, AL CPA Firm | Blog Page | Stepleton & Holcomb, CPAs

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  • PPP and deductible of expenses

  • Business expenses


  • Business expenses

    List of business Expenses

    Cost of Sales

    Cost of sales expenses include all cost to bring the product to a saleable condition.  They include (however they are not all inclusive):

    Purchase price

    Transportation cost

    Cost to repair defeats

    Labor to repair

    Material to repair

    Fees and cost associated with purchase, repairs and sale

    Transportation to sales location

    Overhead expenses

    Overhead expenses are expenses not associated with a specific car and are considered the cost of doing business.  The government defines these expenses as what is ordinary and necessary for doing business.  They specifically exclude anything that is illegal such as fines such as speeding tickets.  They include (however that not all inclusive):

    Advertising

    Commissions and fees

    Contract labor (not included in cost of sales)

    Depreciation

    Insurance

    Interest

    Legal and professional

    Office expenses and supplies

    Rent

    Repairs and maintenance (not included in cost of sales)

    Supplies (such as general shop supplies)

    Taxes and licenses

    Travel

    Meals and entertainment (not fully deductible, must show business purpose)

    Utilities

    Wages

    Bank charges

    Dues

    Miscellaneous

    Postage and shipping

    Internet fees (if for business)

    Telephone

    Tools

    Uniforms (cannot be street wear clothes)


    Rodney Stepleton, CPA | 07/15/2013



     
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