Holiday parties are also an example of what would be considered ‘entertainment’. Meals & Entertainment Expensesīreakfast, lunch, dinner - even a trip to the local Starbucks, if business is discussed, it can be included here.Įntertainment in the form of events, such as treating the staff to a concert, or taking out those big clients to a sporting event, should also be included in this category. There are other types of employee benefits like housing and domestic help, but they mainly apply to very large businesses. Education and Training (including conferences).Group Insurance (health, dental, life and disability).These benefits are designed by businesses to attract and retain talent. Well, they’re talking specifically about the additional compensation they are receiving in their jobs that are not wage-related. Employee BenefitsĮver had a friend or business contact say “the benefits at my company are great!”. You’ll want to see how much it’s costing your company just to manage it, which can help you develop cost-saving strategies for the future. Wages for staff are typically the biggest expense for most companies. That doesn’t mean your company car policy shouldn’t support personal use, you will just want to figure a way to divide the charges between ‘personal’ and ‘business’. Keep in mind that any personal use of the vehicle could unnecessarily inflate some of these figures. You’ll want to keep track of the amount spent on: It’s important business vehicles are part of this list because the many expenses related to the use of an automobile can add up considerably. You should also include the actual production cost of the ad here. This category should also include charges related to online display or video ads, social media, SEM (or paid search), email marketing, sponsored content and remarketing.
If you need income tax advice please contact an accountant in your area.Īdvertising Expenses should include any amount spent on ads for your business that appear in television, newspapers, radio, print or digital magazines, billboards, and direct mail. NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. This is done by developing a list of popular business expense categories that each charge can be assigned to.Ĭategorizing your expenses will be helpful in keeping your company organized, for budgeting purposes as well as in assessing which expenses can be written off your taxable income at tax time. As a business owner, you can categorize your expenses for a small business.
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