Taxes, eeekk!

For our Etsy Blogger's Team's blog carnival this month, the choices were, "New Year's Goals for your shop" or "How you organize your taxes". It seems that so far I'm the only one who has decided to tackle the tough subject. Although I'm big on goal setting, I'm not on New Year's "type" of goals/resolutions, and that's what the title made me think of, so taxes it is!
A scary subject to some, but if you're registered as a legal business, it's something we all must deal with.
We have an accountant do our taxes every year, so it makes it kind of easy for us. Last year, when I knew that I would be starting a jewelry design business, I asked the accountant what we should do concerning record keeping, what was allowed as deductions and the lot.
He suggested that we get a monthly bookkeeping record book. Which we did. And I keep it up to date every month. I'm good about details. A good record book will have columns and pages where you can keep track of everything that you've purchased for your business, a record of your sales, monthly expenses, etc.
And don't forget mileage, class fees, and if you use part of your home for your business, that can be used as a deduction too. But don't go alone on my words, as I'm sure the laws vary from state to state or country. And I keep lots of receipts.
But I guess the real test will be this first year when we go to see the accountant and find out just how well I kept those records.

Comments

Pop Art Diva! said…
Oh, man, you just had to bring up taxes! LOL.
storybeader said…
getting a bookkeeping record book is a good idea! Thanks! Never thought of that - all laid out there for you!

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