Setting Up Business - Taxes?

patriots

Quick Question:
I am trying to help set up files to make it easier for tax time. Can someone please tell me where we would enter the cost of materials on Schedule C so I can arrange for our program to track those costs? What line on the form do you enter the cost of materials for home remodeling as opposed to general office supplies? Thank you in advance!

Bob Kovacs

I believe it's on the back of the form under "cost of goods sold", whereas office supplies are listed on the front of the form under expenses. I don't have the form in front of me to give you line numbers, but it should be fairly obvious.

Grumpy

You really should have an accountant.

patriots

Thank you. That is where we have been putting it - I just wanted to make sure. Would love to hire an accountant but, we are just starting out and can't yet afford one.

Double-A

Have you priced one yet?

Most are quite reasonably priced, probably not much more than the cost of the software you're setting up.

Just remember, the cost of one mistake saved can pay for months of accounting services.

__________________
"My clients’ wishes are the center of my attention." -- David Guido, a contractor in Woodstock, N.Y.
New York Times, July 20, 2006

patriots

We spoke to one a while back and he charged approx. $250.00/hr. At this point in time, I am currently using free software and trying to find a way to track the day to day receipts, etc. In the past, we pull out all the lumberyard, hardware stores, and millions of Home Depot receipts and sort and add them all up. I admit, my husband is a great carpenter but not so good at the paperwork (other than the estimates) That is why I am stepping in and trying to help him help himself by getting more organized. I'm also having a really hard time trying to convince him why it is so important (even just as important) as the great work that he does. Right now, I'm tryng to find a way to help him without nagging the heck out of him. That is the last thing he needs is a nagging wife at the end of his day. Thank you for responding. I really appreciate it!