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How do you keep your tax books in order?
Hi all, this is the first year that I'm actually making money "over the table". Just wondering how and what you guys use to organize expenses, accts. , etc. for tax time. Thanks, Nate Feb 24 06 05:35 pm Link Get either TaxCut or TurboTax. And keep EVERY receipt and bill and invoice and bank statement. (I've used TaxCut for years, and am pleased indeed, but others go for TurboTax, so it's your call on that.) Feb 24 06 05:36 pm Link If you're asking about accounting throughout the year, then Quickbooks is it - it SO worth the expense, and the learning curve. Once you figure out the basics, it makes keeping yourself balanced very easy. TurboTax is very nice when the taxman cometh. But usually you can find a reasonably priced accountant who can use your Quickbooks file to do your taxes in about an hour. They can also help you find extra stuff to deduct! A lot of them have regular 9-5 gigs, and do some side work for a decent price Feb 24 06 08:18 pm Link I track income and expenses in Excel. Then all of the receipts in a box. I give my accountant reports from Excel, and if audited - a box of receipts. Feb 24 06 08:25 pm Link Hmm..I have 4 envelopes: equipment and repair, model/makeup fees and rentals, travel and food, publication/client payments recieved. I stuff the appropiate reciept/check photocopy in the correct catagory envelope. I see my accountant twice a year to keep me on track then hand everything over at tax time to him. I've yet to serve any jail time with this method. Paul Feb 28 06 11:31 pm Link |