Do I Need to Enter All Expenses in P3?

[mconsola]

I have a stack of reciepts and mileage logged in a travel log. So do I need to transfer all of these over to P3 for tax purposes? I'm planning on using TurboTax since we've used it for personal taxes for the last 3 years.

 

[chefann]

You don't have to. But, I've found that tax time is easier if I have everything entered in P3, and just hand DH a printed report and envelope of receipts. The categories on the report match up with categories on the Schedule C.

 

[priscilla]

I kept up with my receipts in P3, as well as postage for packets and postcards. I then print off the report, which will include supply orders and items such as gifts (10% amounts, etc to customers). My mileage I do in Excel.

It is nice having it all in the printout from the P3 report.

Robin

 

[Intrepid_Chef]

I just spent a really long time entering my mileage from all my shows ... and called HO, who graciously provided me with the amounts of the non-commission orders I placed this year.

 

[esavvymom]

I just finished entering my expenses and mileage. Thankfully, I only have been in business since September, and it's been VERY light- so I didn't have a ton to do. I was able to do it in a night with a movie or two going in the background. ("Failure to Launch" currently..Love M.McC!)

But I'm happy to have my P3 Income/Expenses up to date. WOOHOO!! It will be great to give to my DH when we do taxes. I don't claim what I don't have a receipt for.

PLUS I was pleasantly surprised that what I spent out of pocket was much less than I had feared! I had sold so much stuff on E-bay before going into business this fall, that my "net loss" was actually half as much- because of all I had sold on Ebay to pay for things... YEAH!!!:sing:

So now I can confess to my DH and not be afraid. *hehe*

 

[heather223]

After doing my taxes last night- I highly suggest that you enter all expenses in P3. So much easier and less time and like Ann said it matches the Schedule C. This took me forever last night becuase I didn't have all of it entered, had to enter it into a spreadsheet, and then total- I still had to print the expenses off P3 (consultant gifts, supply orders, etc.) and it was so much quicker and easier. I will be entering all of this years expenses in P3.