If you have organized your business as an LLC and file your taxes as an S Corp, this spreadsheet will help you track and calculate your deductions for income tax purposes. It includes Home Office calculator, business expenses, employee expenses, reimbursement request, and simple Accountability Plan (if you have not created one yet).
The spreadsheet contains 8 worksheets:
• Basic info needed to setup your calculations and produce an Accountability Plan if needed. An Accountability Plan is needed In order to reimburse yourself or other employees for business expenses incurred, and also qualify for the full deduction of those expenses on IRS Form 1120S. If you do not have an Accountability Plan, you must claim those deductions as “unreimbursed” employee expenses, and only the amount in excess of 2% of the AGI on your tax return can be deducted.
• Tips on recordkeeping
• How to use the following 5 worksheets
o Home Office
o Business Expenses
o Employee Reimbursable
o Reimbursement Request
3. Home Office
4. Business Expenses
5. Employee Reimbursable expenses.
6. Summary of 3, 4 and 5
7. Reimbusement Request for Home Office and Employee Reimbursable expenses
8. Accountability Plan - if you chose to create one in Setup, this is your plan.
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