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Established Community Backer ***

Re: expense account

You can use as many or as few accounts that meet your needs. Small tools would fall under Supplies while minor repair material would be Repairs and Maintenance.

 

Remodeling of the office would be categorized as a Fixed Asset and depreciated over time.

 

Review your last year tax return or if your first year look at appropriate schedules for guidance (small business is usually Schedule C)