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Chapter 4. Creating Your Business Plan, ... > Reviewing a Sample Business Budget F...

Reviewing a Sample Business Budget Form

In this section, we take a look at a sample budget spreadsheet. Sam is a graphic artist with no dependents. He rents his apartment, and will be working from home there. Note that Sam only includes in his spreadsheet the category headings he really needs.

Table 4.1. A Sample Business Budget (Sam the Graphic Artist)
 DeductibleNot Deductible
Line ItemStartupOngoing (Monthly)StartupOngoing (Monthly)
Newspaper ad75.006.25  
Special section article (writing)150.0012.50  
Special section article (insertion)300.0025.00  
Car and Truck Expenses  
Car mileage and maintenance 50.00  
Insurance (other than health)  
Health* (Deductible on the front of Form 1040, but not as business expense)  250.00250.00
Car (portion deductible for business) 150.00 150.00
Legal and Professional Services  
Accountant fees—budget review and estimated tax (Check and see if all is deductible as business expense)250.0025.00  
Attorney fees, preparation of standard client agreement500.00   
Office Expense  
New computer750.00   
Carpeting (check with accountant)    
Digital camera2,000.00   
Special lighting (for creating photos when needed)2,000.00   
Taxes and Licenses  
Business license120.0010.00  
Additional phone line (installation plus monthly service)200.0050.00  
Business Use of Home (25% of home used for business)  
Rent 250.00 750.00
Electric/Gas 25.00 75.00
Federal Income   500.00
Federal Social Security (1/2 deducted on front of Form 1040) 255.00 255.00
State   50.00
Local   5.00
Savings and Retirement  
Savings   50.00
Retirement   50.00
Client Advance Fund (may advance funds to printers)  500.00 



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