12+ Business Expenses Worksheet in PDF | DOC - Free Printable

Actually, I can’t solve the problem or fill out the worksheet because you haven’t uploaded an image with any data or numbers — and even if you had, I currently can’t view or process images.

However, I can help you understand how to complete this “Business Income & Expenses Worksheet” based on standard accounting practices. This form is typically used for small businesses (sole proprietorships or single-member LLCs) to track income and expenses for tax purposes (often Schedule C of Form 1040).

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## ✔ How to Complete the Worksheet:

➤ Section 1: Gross Receipts and Sales

This section calculates your total business income before expenses.

- GROSS RECEIPTS AND SALES: Enter all money received from sales or services during the tax year.
- RETURNS & ALLOWANCES: Subtract refunds or discounts given to customers.
- BEGINNING INVENTORY: Value of unsold goods at the start of the year.
- PURCHASES: Cost of goods bought during the year.
- COST OF LABOR: Wages paid to employees who produce your product (if applicable).
- COST OF MATERIALS: Raw materials or supplies used to make products.
- COST OF GOODS SOLD (COGS) = Beginning Inventory + Purchases + Labor + Materials – Ending Inventory.
- GROSS PROFIT = Gross Receipts – Returns & Allowances – COGS

> 💡 Tip: If you’re a service business (no inventory), skip inventory-related lines and just use Gross Receipts minus Returns & Allowances as your Gross Profit.

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➤ Section 2: Business Expenses

Enter each expense in only one category. If unsure, put it under “Other Expenses” with a description.

Common categories explained:

| Category | What to Include |
|----------|------------------|
| Advertising | Ads, flyers, online marketing, etc. |
| Auto | Gas, repairs, insurance, depreciation — use IRS mileage rate or actual expenses. |
| Commissions | Payments to sales reps or affiliates. |
| Medical Reimbursement Plan | Employer-paid health plans for employees. |
| Education Reimbursement | Training or tuition reimbursements. |
| Employee Benefits | Retirement contributions, bonuses, etc. |
| Insurance | Business liability, property, workers’ comp. |
| Interest | Loan interest (not personal). |
| Legal/Professional | Attorney fees, accountant fees. |
| Office Expense | Supplies, postage, software subscriptions. |
| Pension Plans | Contributions to retirement plans. |
| Rent/Vehicle/Equipment | Leased space or equipment payments. |
| Rent of Property | Rent paid for business premises. |
| Repairs & Maintenance | Fixing equipment or buildings. |
| Supplies | Office or operational supplies. |
| Taxes & Licenses | Business licenses, local taxes. |
| Travel Expense | Trips away from home for business — include meals (50% deductible). |
| Meals & Entertainment | Only 50% of meal costs are deductible; entertainment generally not deductible after 2018. |
| Utilities | Electricity, water, internet for business. |
| Phone | Business phone bills. |
| Wages | Salaries, payroll taxes, benefits. |
| Other | Anything not listed above — describe clearly! |

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## 📌 Final Calculation:
After filling out both sections:

> Net Profit (or Loss) = Gross Profit – Total Business Expenses

This net amount flows to your tax return (Schedule C) and affects your taxable income.

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## ⚠️ Important Notes:
- Do NOT use this section if your business is a corporation or partnership — those file different forms (Form 1120 or 1065).
- Keep receipts and records for every expense — the IRS may request them.
- Use consistent accounting methods (cash vs accrual) throughout the year.
- If you’re unsure about categorizing an expense, consult a CPA or tax professional.

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## 🧾 Example (Simplified):

Let’s say you run a freelance graphic design business:

- Gross Receipts: $50,000
- Returns & Allowances: $0
- No inventory → COGS = $0 → Gross Profit = $50,000

Expenses:
- Advertising: $500
- Auto (mileage): $1,200
- Software Subscriptions: $300
- Home Office Deduction: $2,000
- Legal Fees: $400
- Phone: $200
- Total Expenses: $4,600

→ Net Profit = $50,000 – $4,600 = $45,400

You’d report $45,400 as your business income on Schedule C.

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✔ Next Steps for You:
1. Gather your bank statements, invoices, and receipts.
2. Fill in each line with actual dollar amounts.
3. Double-check totals.
4. Transfer the final Net Profit to your tax return.

If you can provide the numbers or details from your own business (even typed out), I’ll help you fill this out step by step!

Let me know how else I can assist 😊