August Challenge: 31-Days to Organization: Taxes and Records

Sunday, August 3, 2014



I would love to tell you that I'm super organized, but if I was then I wouldn't be doing this challenge. Instead, I find myself doing the same thing I've always done. Procrastinating.

That said... I've been a writer for over 20 years and in that time I've learned a thing or two about organizing your expenses for taxes. If you can do a simple spreadsheet, then you can do the spreadsheet that I do for expenses. There are a lot of fancy programs out there, but for simple business expenses I've found that this works well for putting together your information for a Schedule C, or passing it along to your accountant to have them do their taxes.

Date
Item
 Income 
 sub/bks 
 Dues/Fees 
 Internet 
 Conf Fees 
 Promo 
 Postage 
 
 
 
 
 
 
 
 
 
 
4-Jan Etsy  $     0.95
10-Jan Amazon  $    4.99
15-Jan Fairpoint  $   14.00
1/31/2013 Smashwords  $   11.76
2/15/2013 Fairpoint  $   14.00
 
From there, I break it down into the categories that the  IRS require for a schedule C so that when it comes time to do my taxes the information is all set. I also put all receipts into an envelope or jar. That makes sure that I have them when I need them.
 Categories 
 advertising 
 Car expense 
 Commission/Fees 
 Contract Labor 
 Depletion 
 Depreciation 
 Insurance 
 Interest 
 mortgage/banks, etc. 
 other 
 Legal Fee 
 Office Expense 
 Pension/Profit Share 
 Rent or Lease 
 Vehicles/Machinery 
 Other Business Prop. 
 Repairs/Maintenance 
 Supplies (not incl. In cost of goods sold) 
 Taxes and Licenses 
 Travel, meals, entertainment 
 travel 
 deductable meals 
 Utilities 
 Wages 
 Other 
 
 Using the program means that I can easily tally up the columns and come up with totals. (This is copied from my spreadsheet. That's why it looks wonkie!)

Remember, the biggest aid to getting organized is to keep it as simple as possible. If I can do it, anyone can!






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