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When I'm calculating the time space percentage of supplies I've bought, do I add the hours per month and do this each month or wait until the end of year and add all the hours up and figure it out? or does it come out the same?
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time-space%
The amount of the supplies you can deduct depends on what your time-space % is at the end of each year. So, you don't need to calculate it every time you buy something.
If you use the Minute Menu software, it does automatically calculate your time-space % on a monthly basis. -
Thanks. I buy the same things regularly such as cleaning supplies, in th past I have bought it one time not claim it then the next time I buy it I claim the full amount, is this OK?Comment
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expenses
You are deducting 50% of the cost of cleaning supplies. Without receipts for both purchases, you will be in trouble if you are audited. Also, if 50% is greater than your time-space%, you will have to prove that you use 50% of the cleaning supplies in your business. So, don't do what you are doing. Save receipts for all cleaning supplies and multiply them by your time-space %.Comment
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