Taxes are DONE for another year

[Samster]

WOW..thats better... I was beginning to wonder how you stayed in business My problem is...I just finished our taxes and I owe even more money now than when I was running the B & B. This has got to stop. I am just working to pay the IRS...can't have that!.

Those are his costs not profits

 

[JunieBJones (JBJ)]

Somone please list what is NOT in the list - that might be easier for me to calculate.
Mortgage
Liability Insurance
Taxes (What about business taxes? What about bus license and health dept fees?)
Grounds beautification and maintenance (we aren't allowed to write this off here. We bought truckloads of mulch and plants the last two years so can't write that off)
What else?

 

[EmptyNest]

WOW..thats better... I was beginning to wonder how you stayed in business My problem is...I just finished our taxes and I owe even more money now than when I was running the B & B. This has got to stop. I am just working to pay the IRS...can't have that!.

Those are his costs not profits
.

Oh...should have read closer.

 

[swirt]

Somone please list what is NOT in the list - that might be easier for me to calculate.
Mortgage
Liability Insurance
Taxes (What about business taxes? What about bus license and health dept fees?)
Grounds beautification and maintenance (we aren't allowed to write this off here. We bought truckloads of mulch and plants the last two years so can't write that off)
What else?.

What's not on the list:

• Mortgage
• furniture and appliances that get ammortized over several years
• costs of building that cabins that get ammortized over several years
• electricity and heat for our percentage of the house.
• water and sewer (because we are on well and septic)
• Computers and internet (an expense under my other business)

Keep in mind, we are usually closed mid-Nov through Mid-April and because we run cabins, they can be shut down 100% (no heat no electric) during those months so that would make our costs dramatically lower than other inns in the Northeast that stay running most of the Winter. Also because we are on a large lake, we generally are a bit more comfortable in the hot summer months so the AC is not on as much as if we were a house in the city.
Everything else that my accountant says we can count as an expense is included in this figure.

 

[swirt]

Thanks for sharing these numbers, swirt. I'm nearly done prepping my taxes and will see what kind of ratio I get for costs/room-night.
Do you also figure out the fixed expenses and the variable expenses separately? That's what I want to do once I finish my tax prep..

Thanks for sharing these numbers, swirt. I'm nearly done prepping my taxes and will see what kind of ratio I get for costs/room-night.
Do you also figure out the fixed expenses and the variable expenses separately? That's what I want to do once I finish my tax prep.

I do have the fixed expenses (directory fees, hosting, phone, cable electric) services separated from the variable things like food and cleaning supplies. I should break those down by per couple costs too ... but my brain needs a break from the numbers for a few days LOL