Profit and Loss Statement? for self-employed

[MBeach222]

Any do's and don'ts on the P&L statement a self-employed filer needs to create?

thanks

[frogger]

If you're filing bk.......

Do - Tell the truth

Don't - Fudge

You'll be providing tax returns to back up your work, so do it right, throw it out there, and it will be what it will be.

It would be most helpful if you have QuickBooks or something similar to do this with.

Good luck!

[keepsmiling]

We are in same boat, never kept em, below median, last atty/tt we interviewed didn't seem too concerned about them being beautiful. Still haven't gotten around to figuring them out, too busy trying to survive. We don't have quickbooks or any other accounting software, really, there isn't that much to keep track of lol....

So PLEASE keep us posted on how this progresses!

[justbroke]

I was going to say the same thing. It's even better if your CPA prepared it. The bottom line is the bottom line... do not play with numbers but also, don't forget any liabilities or expenese!

[MBeach222]

Yes, of course the numbers need to be honest, but what level of detail is best? thanks

[NewPage]

I'll see if I can find the one I made for my husband's business. He didn't file, but since he is our only income, P&L's were needed for filing. I'll list the categories I used once I locate it.

[NewPage]

These are the categories I have:

Gross Income
Advertising
Cell Phone
Computer
Fees
Health Insurance
Postage
Utilities
Phone & Internet
Federal Taxes
State Taxes
Net Income

[LadyInTheRed]

Google "profit and loss statment" and you will find several free templates to download. If you don't want to download a template, there are lots of samples to view.