I lease a truck and office space for my rental business. What categories do I use for these expenses?
@t7investments Good question. How do you typically report this office space expense for tax purposes?
On Schedule C, Part II.9 - truck & line 20b - other business property. I also use other expense items in Part II, such as line 15,18 (office equipment: computers, printers, copiers) 22, 23, 24, 27a
Got it. Thanks for clarifying. So, Stessa is really not intended for business owners reporting via Schedule C. The vast majority of investors using the Stessa platform are reporting via Schedule E or Form 8825. If you’re running a Schedule C business, you’re likely to have income and expenses that fall outside the boundaries of what Stessa is designed to handle.
Our candid advice is to work with your CPA to make sure Stessa is a good fit for your business.