Its tax time. I've found that one of the best ways to organize all the various items needed for taxes is to use several manilla enevelopes. One for income received; one for medical expenses; one for charitable contributions; one for business expenses, and one for miscellaneous items that you may need to refer to to complete your taxes. I put all the receipts in their respective envelopes and not on the back of the envelope what each expense is for as I go along. I've heard that Quick-Books is also good for this, but I haven't had time to purchase that yet, as everytime a store has a promotion for this product, it is already sold out by the time I try to order it on-line or go to the store.
Don't forget about vehicle expenses and home-office expenses as deductions for your taxes. A portion of your annual utilities is deductible, but only based on a percentage of your total square footage. In addition, your home-office must be separate from other parts of your home, and should be allocated only for the home-based business. Talk to your tax professional about this issue.
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