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Some Record Keeping Tips for Taxes

Here are some basic sorts to help categorize and make the tax stuff a little less burdensome.....
 
Make files for the year and save the following:
 
1. All invoices, receipts for merchandise (inventory - expenses)  This is your Cost of Goods.  If you pay with paypal, print your receipt note exactly what it was for, and put it in there.  If you pay by check/moneyorder - staple the check to the invoice - you've then got proof you paid it.  If you pay by CC, staple the receipt to the invoice.  Be sure and save ALL your credit card statements so you can prove what was paid on those purchases.
 
2. All Utility Bills - when paid, write check number on it that it was paid with and file it in here.  This includes, electric, heat, phone, internet, etc.  Also include in here your mortgage or rent payments - especially if you have a home office.  Staple cancelled checks to anything and everything to prove the payment.  Also property taxes on your home.
 
3.  All Office Supplies, paper, pens, pencils, file folders, software, etc....anything pertaining to the office operations.
 
4.  All Advertising expenses - print paypal receipts, make note what it was, etc.  business cards, letterhead, labels, - those things are all advertising expenses.
 
5.  Anything you had to pay for repairs/maintenance, on computers, or on anything in your office area.
 
6.  Outside services.  Any receipts, expenses for outside services. - Like Hosting Fees, Like scripting, Like web design... etc.
 
7.  Any wages paid
 
8.  Shipping and Freight Expenses (USPS/UPS whatever - they all group together here)
 
9.  Merchant account fees - your monthly merchant statements, stapled to a copy of your bank statement showing deposits and fees paid.  Highlight the pertinent info so it's easy to find.
 
10.  Health Insurance paid.  If you kick in any for health insurance as self employed make note of it.
 
11.  Any loans you have for the business, keep track of interest paid.  The interest is usually deductible.
 
12.  Any vehicle expenses.  Usually it's best to keep a log - how many business miles have you put on your vehicle.  It's best to take the mileage reading on the 1st of the year.  Every time you make a business trip write down how many miles in your log.  Add it up each month, then add all 12 months worth at the end of the year.  12/31 take the mileage reading on the vehicle again.  This is how you figure the % of business use.  You can also keep all records of expenses paid on the vehicle for oil changes, tune ups, tires, repairs.  But usually the mileage deduction is the best bet.

For more information, call us Toll Free 888-857-3959 OR 785-540-4170 

 

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