Business Expense Calculator
As a business owner, there are a lot of expenses that go into keeping your operation running. If something unexpected were to happen that you weren’t prepared for, say a repair or replacement of something, you want to be aware of your available budget so you are able to cover those costs.
With our business expense calculator, all you have to do is put in what you spend in each section and you learn how much your monthly expenses are. We even have provided you with more information on what monthly expenses you can expect and what can be deducted.
What Expenses Can You Expect with your Business?
You may be wondering what exactly is considered a business expense, or if you are just starting out as a small business, what kind of expenses you can expect to have. Being aware of your monthly expenses can keep you in line to have a net profit for your business.
Some common business expenses you may have could include:
- Rent (Office, Warehouse, etc.)
- Payroll (Wages, Benefits. etc.)
- Office Supplies
- Equipment and Furniture
- Employee Training
- Business Taxes
Depending on what the expense is, it may be something you expect to pay the same amount every month or the amount you pay could vary from month-to-month. Using the business expense calculator can help you organize a rough budget in case any unexpected repairs or purchases need to be made.
What Expenses are Deductible?
Most of the expenses listed above can be fully or partially deductible on your taxes, which can be a huge help as a business owner. Some things that are typically fully-deductible include advertising, payroll, employee training and office supplies.
There are many expenses that a lot of business owners are unaware of that can be written off as a tax deduction, which could save you thousands of dollars in the long run. Anything from business lunches to legal fees to travel expenses can all be written off.
If you are a small business owner, there are even more unexpected expenses you may be able to deduct. Some of these expenses could include your home office, mortgage or car depending on how interconnected those are in running your business. These expenses though, are typically not fully deductible. The portion that is used for business is what can be deducted and must be tracked to prove that it is.
Your best option as a business owner is to keep track of all of your expenses that you have in a year, so you know that you are saving the most money possible once you write off your tax deductible items.
How G.E. Payroll Services Can Help
Keeping track of your taxes can be a hassle on top of your other responsibilities as a business owner. By using our software at G.E. Payroll, we can help you to manage your taxes and give you peace of mind knowing you are on top of it.
Our software keeps you compliant with tax regulations so you don’t have to worry about paying any legal fees for missed payments which can cost you thousands.
Disclaimer: This calculator by G.E. Payroll services is meant to serve as an estimation of what your expenses will be. This should not be used for calculating financial data. Please refer a tax professional or advisor for accurate data.