Business Profit and Loss Worksheet
For: ____________________Covering: __________________
INCOME
AUTO EXPENSES (1)
Gross Sales
Business Mileage
Interest Income
OR
Other Income
Gas and Oil
Total Gross Income
Repairs
Less Returns and Discounts
Tires
Less Bad Debts
Other Auto Expenses
COST OF GOODS SOLD
Total Auto Expense if used
Beginning Inventory
BANK FEES
Purchases for Resale
Checking Account Charges
Materials and Supplies
Credit Card Charges
Production Labor
Other Bank Charges
Freight In
Checks
Freight Out
Total Bank Fees
Other Expenses of Production
Books and Publications
Ending Inventory
Cleaning and Laundry
Total Gross Income
Commissions
Less Total COGS
Contract Labor (1099 Misc.)
Adjusted Gross Income
Deliver to Customer Charges
EXPENSES
Dues and Subscriptions
Accounting/Bookkeeping
Employee Benefits (2)
ADVERTISING
Education and Seminars
Business Cards
Fuel (equipment)
Newspaper
Fuel (diesel non-automotive)
Electronic (radio and TV)
Janitorial
Signage
Tools Disposable (10)
Other Advertising
Uniforms
Total Advertising
Wages & Salary (11)
INTEREST
INSURANCE
Mortgage
Auto Insurance (3)
Auto Loan
Liability Insurance
Equipment Loan
E & O Insurance
Credit Card Interest
Health Insurance (4)
Other Interest
Disability Insurance (5)
Total Interest
Total Insurance
UTILITIES
LEGAL & PROFESSIONAL FEES
Electric
Attorney Fees
Gas/Propane
CPA Fees
Water
Other Professional Fees
Trash
Tax Preparation
Total Utilities
Total Legal & Professional Fees
JW Hopp and Associates, Inc.
940-380-1550
office@hopptax.com 1/3/2022
LEASES
Meal & Entertainment (Clients)
Office Equipment (6)
Office Supplies
Parking/Tolls
Pension Funding (IRA , etc.)
Postage
Printing
Trailer & Equipment Licenses
Promotions (7)
RENTAL (8)
Short Term Building
Equipment
Other
Total Rentals
Safety
Security
Internet Connection
Storage
Supplies (9)
TAXES
Real Estate
Vehicle
Rental Car
Personal Property
Payroll (W-2)
Social Security/Medicare
Unemployment
Total Taxes
DEPRECIATION
Equipment M & R
Item: Date:
$
Item: Date:
$
Item: Date:
$
Item: Date:
$
1. In Auto Expenses you can claim EITHER mileage or actual expenses. You cannot claim both.
2. Employee benefits are only if you have W-2 Wage paid employees. Owners and Spouses DO NOT count, unless you
are a corporation, NOR do Contract (1099) Laborers.
3. Auto Insurance is only deductible if you claim actual Auto Expenses, NOT if you claim mileage.
4. Health Insurance is NOT allowed for a sole proprietorship. Self-employed Health Insurance is deducted elsewhere.
5. Disability InsuranceSee Health Insurance.
6. Office Equipment DOES NOT include furniture. Furniture goes in Depreciation.
7. Promotional items include small gifts to customers or public non-profits.
8. Rentals are Short-Term items, not long-term leases.
9. Disposable tools, i.e. Small Tools, are those which have a life of less than one year or a cost of less than $200.00 each.
10. Wages are W-2 Wages paid to employees when you have a W-4 on each employee and you do Wage and Social Security withholding from their
pay.
JW Hopp and Associates, Inc.
940-380-1550
office@hopptax.com 1/3/2022