Budget Expense Template
Originally published: 08/03/2020 19:04
Last version published: 09/03/2020 06:58
Publication number: ELQ-90059-2
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Budget Expense Template

Budget expense template for an insurance company in Microsoft Excel.

Why You Must Prove Your Business Expenses:

To deduct these expenses on your business tax return, you must be able to prove that they are legitimate business expenses. You can't deduct personal expenses for business tax purposes. Be sure to keep excellent records. I'll point out places where you will need additional documentation.

Location Costs:
Every business needs a place to operate, and there is almost always a cost for the location. It might be a mortgage on a building or rent on a leased office or retail space, or a part of the cost of space in your home business.

Let's look at some monthly location costs in detail:

Mortgage: If you own a building and have a mortgage on that building, the interest on the mortgage is deductible. The property itself is an asset that is depreciated (that is, the purchase cost is spread out over time.)

Building lease: If you are leasing a building or commercial space for your business, you can deduct all the costs associated with the lease.

Home business location: If you have a business in your home, you can deduct some of the costs of the home, based on the space that is used both regularly and exclusively for business purposes.

If you have a small office space in your home, you may be able to use a simple calculation to get the cost of this space to put it on your business tax return.

Utilities, Phone, and Computer Expenses: If you rent or own a business building, your business must pay the cost of utilities: electric, gas, water, sewer, and other city services like trash pickup. If you are renting a location, some of these costs might be included in your rent.

Don't forget the costs of cell phones and computer Internet lines.

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