So I am going to be accumulating a lot of receipts for various things now that I have my own business. Was wondering what you guys would recommend to help organize all my receipts for tax deductions? Any advice would be appreciated.
Thanks!
computer spreadsheet and a shoebox.
It takes most small businesses several years to pass this stage.
Do you have an accountant? If yes, ask him/her. If not, see above.
Quote from: NeenjaMastah on August 24, 2009, 04:57:28 PM
So I am going to be accumulating a lot of receipts for various things now that I have my own business. Was wondering what you guys would recommend to help organize all my receipts for tax deductions? Any advice would be appreciated.
Thanks!
A large shoe box. ;D
Quote from: Statler on August 24, 2009, 05:00:59 PM
computer spreadsheet and a shoebox.
It takes most small businesses several years to pass this stage.
Do you have an accountant? If yes, ask him/her. If not, see above.
What do you mean by that?
if you keep track of things monthly then the actual receipts are only for an audit.
most small businesses will take quite some time before they are more serious than that level. That's all.
get an accountant on board from early on. It will help. When shit hits the fan it's good to have 'people' to call. Also helps in the setting-up stage.
Oh I see. So don't worry about keeping track by month? I'm not so much thinking about getting audited, I'm more thinking about the ease of using them for tax write offs next year. We have a guy do our taxes every year, I'm probably going to call him with some tax questions anyway so I'll add that onto my list.
no no...keep track of everything and set up appointment with accountant soon to go over what to keep track of. Document everything on a spreadsheet for him/her but save receipts organized by category accountant recommends. We do biweekly budget for law office and monthly paperwork for G's property holding company.
file your receipts wherever you want.
keep track of all your finances (categorized) in quicken/quickbooks.
Quote from: derby on August 24, 2009, 06:35:47 PM
file your receipts in Adobe and shitcan the paper.
fixed ;D
quickbooks and a neat receipts scanner