• Award$1500
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Outright.com is free, online bookkeeping for freelancers and entrepreneurs (not unlike yourself). We automatically record your income and expenses, help with a Schedule C, calculate estimated taxes due, and even manage your W-9 form and 1099s due to contractors.


Outright.com has an extensive community of self employed professionals and entrepreneurs who file a Schedule C with their tax return. The Schedule C, though relatively brief compared to most tax forms, is rather confusing, with categorizes such as Depletion and Professional Services; what are Professional Services?? What is Depletion?!

Most resources about the Schedule C post details about each category in an attempt to explain them. We want to work backwards. Think of every expense you have as a business owner.

We're looking for a brief of the top 50 expenses (at your discretion - see examples enclosed) and roughly 5 sentences about what it is, whether or not it is deductible and how, and how to categorize it.

Beyond the experience or research needed to know the details of an expense, it should be easy to whip these out as the form and structure of each expense should be the same (See details: what We absolutely must have in our piece)


Self employed, freelance, sole proprietor, small business owner, home based, startup

People inexperienced with taxes, bookkeeping, or finances. These are people making a living who don't want to deal with their books or taxes. Submissions that sound like they were written by a tax professional, tax software, or a CPA will not be considered; think of how your Mom who happens to be a tax advisor would explain them to you - no lingo, if you reference something tax related be sure to explain what it means.


Here is a list of Schedule C categories:

* Advertising

* Car and Truck expenses

* Contract labor

* Depletion

* Depreciation and section 179 expense deduction

* Employee benefit programs

* Insurance (other than health)

* Interest: Mortgage

* Interest: Other

* Legal and professional services

* Office expense

* Pension and profit-sharing plans

* Rent or lease: Vehicles, machinery, and equipment

* Rent or lease: Other business property

* Repairs and maintenance

* Supplies

* Taxes and licenses

* Travel, meals, and entertainment: Travel

* Travel, meals, and entertainment: Deductible meals and entertainment

* Utilities

* Wages (less employment credits)

* Other expenses

But to reiterate, that's not the list of things we want explained; What we want are the top 50 business expenses and how they map to those categories. Here are some:

o AT&T Wireless Phone Service

o Comcast Broadband

o Vonage VOIP

o Electricity bill

o Heat

o Water bill

o Arrowhead bottled water

o Garbage

o Office trash cans

o Conferences

o Trade Shows

o Seminars

o Yellow Page listing

o Google AdSense advertising

o Commission Junction affiliate marketing

o Newspaper Ad

o Work shops

o Microsoft Office 2010

o HP Laptop

o Apple iPad

o Pencils

o Colored Pencils

o Pens

o Stapler

o Magic Markers

o White board

o Printer paper

o Fax paper

o Toilet paper

o Notebook

o Tea

o Coffee

o Cat food

Think of your top 50 expenses. Explain them. Explain how it is categorized to the Schedule C. Outline if it is deductible and how.


1. What is the expense and how is it categorized on the Schedule C

2. A description of the expense. Consider this editorial, use a friendly tone to characterize the expense. How would you use it? Why might you buy it?

3. Is it deductible? Under what circumstances is it or is it not? i.e. Cat Food under office supplies is not deductible for your cat but it might be if you are a Vet.

4. Are there any tax forms or tax implications to consider beyond the Schedule C categorization and whether or not it is deductible?

5. Each item must be a unique piece of content unavailable elsewhere online



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