Get the SD DSS-EA-320 2009-2020

Hey this is Evan again and I am gonna talk to you about how to use the self-employment calculator this is the spreadsheet that we have for people who are self-employed who run their own business and who are trying to determine how much do they make each month on average like everything we begin first by gathering together the information we need which means documents if you have an accountant your accountant should have income and expense statement so should help you do this might not even have to do it if they have the right stuff put together already if not what you're gonna need to gather together are your last three years tax returns with all schedules that are attached including your Schedule C on your 1040 federal tax return a 1099 or business tax returns that you have also when we're looking at your grocery seats you're gonna want to have your bank statements from your business any receipts that you've written to your customers for payments as well as any revenue Ledger's register tapes or other documents that are going to show what money is coming in when we're talking about expenses bank statements also work because they're gonna show money going out invoices account statements from your vendors from the utility company expense Ledger's or again receipts to you of our payments that you've made now that you've got your documents put together we're gonna come back to the spreadsheet and it's useful you're gonna need to make a copy for yourself and get it opened in your browser now the way the spreadsheets set up we're first going to enter our revenue which we're gonna call our gross receipts this is money coming in there are several rows available because some people have different types of revenue that come in I think that's gonna be helpful to use an example in our example we're gonna look at a business that's called Bonnie's Bo's I'm gonna pull it up here this next tab what Bonnie does is sell bows to cheerleaders and she also does some sewing on the side prom dresses and such so what we've done for her grocery seats is we have her bow sales let me put that in here and also her custom sewing and we've gone back over the last three years he's in her records and put in her grocery receipts again that's all the money that's coming in you can see it here now down a few rows we're gonna look at expenses and this is what she's has to pay with her reasonable expenses are for operating her business and again what we've done is classify those fabric wages off supplies and such and then for the past three years put in the annual total for those expenses but the spreadsheet will do is figure the average and that average is important because we're gonna use it to determine actually what her net income is this case about thirty five thousand you know that's for the year and so an average you should make just under three thousand dollars per month very simple hard part's just getting all the information together then putting it in here if you have...