All you need is a simple excel chart. I custom make some for my husband and myself (he is a contractor). That way we can make them work for us. I am NO wiz in excel, and only had some brief training for a job I had a decade ago. I know how to make it look pretty and add up columns. But thats all we need to make it work.
I have a chart to log my miles. Don't forget you can write off your miles. I log the miles each time I run to JoAnn or the bank. Anything related to your business can be written off.
I have a chart for my expenses. This year I am breaking it down into categories; supplies, office supplies, online fee's, show fee's, shipping, and advertisings and promotions. Really, if you enter the information each day, there is not a lot of work to do before taxes. However, I usually end up entering the information by quarter when I do my sales taxes. (last year was the first time I slacked WAY off on that and worked an entire day entering information).
And did you know Paypal has reports? That is sooo wonderful. You can run them by month or quarter and see just how much you paid in fee's.
Then I have a chart for income. Each quarter I have one part for sales that included tax and one chart for sales that did not require tax. This helps to make it easier for me come quarterly sales taxes.
For my husband, his is a little more complicated. He has charts for what he pays his subs, what they paid him, income, expenses.....I guess its similar, he just has more charts then me.
Come tax time, we just print them all out, double check to make sure things look right, and transfer to a main page with all the categories our accountant needs to enter. Not only does this save us time, it saves us money at the accountants office.
Here is a sample of what we each take to the accountant.
|Show / Booth Fee's|
|PA 1st Quarter||Shipping Fee's|
|sales tax paid|
|PA 2nd Quarter|
|PA 3rd Quarter||Total||$0.00|
|PA / NJ 4th Quarter||Other Expenses|
|advertising / promotions/ web|
|materials and tools|
|Charity / Offering||travel expenses|
|women in business jewerly (materials only cost)|
|penn view christian school jewelry (mat. Only cost)|
|cash donation for flood relief|
|beads to raise fund for Beads of Courage supply costs|
|Social Security Numbers|
|Studio Square Footage- 117|
Anyone else have tips to share to make this a better experience????