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03/25/2008 03:16:30 AM · #1 |
What tools do you use to track your income and expenses? Do you have any tips when it comes to paying taxes while running a small business?
Thanks |
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03/25/2008 03:30:53 AM · #2 |
I use Quickbooks... it's easy to use and has tax stuff and everything built in. and it's quite inexpensive.
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03/25/2008 03:45:06 AM · #3 |
I've used QuickBooks since 2001. Not a big proponent of it though - some things just annoy me. A friend of mine uses this web-based open source system: //phpbms.org/ - he said it was a pain to setup though and lacked any support, but once he got it going it is working great for him. Last time I thought about switching I was considering Peachtree I think.
Tips:
- Keep ALL your business expenses completely separate from your personal expenses
- keep meticulous records and get receipts for every business expense
- when you get too busy to do your own accounting, save the time and headaches and hire a pro (or suffer the consequences like I do) |
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03/25/2008 04:20:22 AM · #4 |
Has anyone tried this programme? I have heard good reviews about it and am interested in using it....! It is designed for photographers and even does your pricing for you.
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03/25/2008 07:00:59 AM · #5 |
Let me see... how do I handle income/expenses?
Well... when I have a job coming up, I get dollar signs in my eyes for the money I know I will be earning. So I run out and buy new equipment knowing that I'll be getting paid anyway. Then ... after I get paid ... I run out and buy new equipment with the money I just received. (wait, that doesn't add up?!? well, don't tell the missus, cuz it's a secret!)
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03/25/2008 07:34:32 AM · #6 |
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03/25/2008 10:07:38 AM · #7 |
I use a few spreadsheets in Excel.
One for my bank account - deposits, w/d, escrow columns (sales tax, wedding albums, income tax, etc). I have two 'balance' columns - one for the whole account and one for what I can really spend.
I have a sheet for income - columns on one side for how they paid (cash, check, CC) and the other side for what category (wedding, senior, online, shipping, etc).
I have a sheet for expenses also divided up for me, and then subtotaled into categories for the taxman. I want to know how much I've spend on prints, albums, frames, etc for weddings, seniors, online, etc, but the taxman only needs a total of materials. I also have columns for postage, education, bank fees, commissions, camera gear, studio gear, office gear, software, office supplies...etc, etc.
I have another sheet for budgeting and the like, one for payroll (to paymyself so I can track this), etc.
I don't get statements out of this like quicken/quickbooks might give you, but I've got complete flexibility to set things up and change them as my needs change. It's forever changeable - as opposed to QB, when you make a change it's recorded as a change or moving accounts may be impossible, etc.
I have an file folder for 'daily receipts' - not that I have daily sales, but you'll need something like this for any income..you do give receipts I hope, or at least keep a copy for yourself.
I have a file for expenses - any receipt goes in there. I've gotten a bit more anal and now print out everything that I just got an email or online receipt for, like my Paypal fees (i use paypal to take credit cards).
At the end of the year I add up all my receipts, etc (well, there already in a spreadsheet) and I let a CPA do my taxes. If you work from home you can take some of your home expenses as business expenses (there are rules on this) - but it allows you to deduct utilities, property taxes, etc.
You also need to track your car usage. Mileage is best - get a notebook and write down every trip - where, why, when, mileage to start and end. It's worth 48.5c/ mile as a deduction and I drove some 5500 miles last year for business.
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03/25/2008 10:19:18 AM · #8 |
Originally posted by Judi:
Has anyone tried this programme? I have heard good reviews about it and am interested in using it....! It is designed for photographers and even does your pricing for you. |
never used it but I have heard of it... looks interesting at the least. I would be interested to in knowing if anyone has ever used it. |
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03/25/2008 10:25:10 AM · #9 |
| Quickbooks is qreat for tracking purposes BUT...from someone who just completed a complete IRS tax audit of the highest level...you will need the origional documents to show the auditor....EVERTHING !!!! NO CHANGES IN MY AUDIT....great folks to deal with when you don't cheat. |
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