The sections covered under expenses include finance charges, rents, rates and ground rents, insurances, maintenance and repair costs, fixtures and fittings and furniture costs, wages and service costs, travel costs and a whole host of miscellaneous costs, including space to record any we haven't suggested. These allowable expenses can be deducted from your overall tax liability if these items have been used for business purposes. The rows on the left-hand side of the spreadsheet act as a great guide to allowable expenses. This spreadsheet is the perfect way for landlords to prepare for their tax returns. Using the income and expense spreadsheet for tax preparation To make sure essential formulas don’t get deleted or overwritten by accident all the cells have been locked (apart from the ones you should enter details into). Here you can enter the details of your income and expenditure. The first tab of the spreadsheet contains instructions on how to access the income and expense sections of the tracker and a guide to the different sections of the spreadsheet. Simply download and open your spreadsheet and you should be able to use it straight away. Enter your expense types in column A, starting at row 7 (Cells A7, A8, A9, etc.) Enter the dollar amounts that you paid for each expense in column B. A business can have two incomes: Operating income refers to the income acquired directly from a business’ core operations. At the topmost part of the template, indicate the specific month you want to track. The income and expense spreadsheet has been built with ease of use in mind. Instructions: Enter your monthly income in cell B1. Instructions: Indicate which month you’re tracking. How to use the income and expense spreadsheet The free spreadsheet automatically calculates your profitability and cashflow and works out your tax liability as you go along. This income and expense tracker makes tax preparation for landlords much easier by helping you to monitor and record the income and expenditure of your property business. The spreadsheet is easy to use and flawless in its execution. Why download the rental income and expense tracker?
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