Talking: Taxes and Deductions
May 12, 2008 · Filed Under Money Maker
I know that tax season is on everyone’s mind now that we’re in the month of February. My accountant is saying that I need to have all my paperwork in by the end of this month so that they can meet the deadlines imposed on us by the Big Guys. So, are your ducks in a row? Are your T’s crossed and your I’s dotted? I am almost all set, but I’m working on my business expenses and other deductions.
I have decided that I’m going to keep a running tally on a daily or weekly basis from now on so that I don’t have to go back and figure things out at the end of the year. I’m not saying I don’t use a good accounting program, but I’m talking about all those little things like mileage and charity donations to places like the Good Will.
Speaking of which, did you know you could donate car and it could be tax deductible? If you didn’t know that and you’ve donated a car, make sure to look into that. It could be a hefty deduction for some. Not only are these types of donations good for your tax deductions, but companies like Car Angel (www.carangel.com) use your donations, cars and other types of donations, to make videos for kids and teens and have given away over 2.4 million videos? Check out this Video: Money raised is used to make the videos!
But I digress, going back to keeping an eye on my spending, just keeping a running tally will make this receipt headache so much better. I have started an excel sheet for all of my receipts. I have decided to break it up by month since I still don’t do a lot of spending. I mean, I have an online business with no inventory, so I can’t justify too much spending in terms of office supplies/office equipment, etc. The point is that before I put my receipt in my receipt box, I’m going to jot the information down on my excel sheet. That way I won’t have to go through my box next year. I don’t know why I didn’t think of this before. I guess I’ll just chalk it up to lack of experience and being too busy.
How do you keep your finances organized?
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