Help needed - Listing business expenses on tax return

[mendocinographi]

I was filing my extension for 2010 returns. I came to the point in the return where it is asking me for my business expenses. I have hundreds of items I have purchased for my business and listing them one by one would be too much labor.

If I have let's say 100 distinct computer software products purchased and 100 pens purchased where each of these 200 items had been purchased on separate dates during the year, how should I report these to be most efficient and accurate at the same time?

For each expense item it asks me when I purchased it, so the tax return makes it seem if I need to list them one at a time. Any tips on how to go about this without going insane listing each item would be of HUGE help. Thanks!

 

[heyadrian]

Are you doing this via the computer or by hand?

Rule of thumb, as paperwork comes in, receipt, invoice etc.. process it and assign it and the cost to a category. Mark it there and then if it is taxable or tax deductible.

At year end, all you need to do is submit your summaries with receipts and hey presto.

Unfortunately, each invoice/receipt must be individual accounted for. This is why you NEED to be strict with petty cash. There's nothing worse than missing £100 at the end of the year as someone bought a new pen every week, and you didn't know when or where they bought it!