Labor Day is here already, so fall is just around the corner. Are you ready to do some fall cleaning on your business records? Too small to spend money on an accounting software program? Are you tracking your revenue and expenses on a spreadsheet? This will make your taxes much easier. Set up a sheet for each month, showing revenues and expenses by category. What categories? Well, how about Automobile for gas, oil changes, tires and other repair work; Cost of Goods sold for any items you buy to resell directly to your customers or using to build/repair something for your customers; Supplies - office, janitorial, maintenance; Computer - track you expenses not only for computers but also monthly fees for programs/apps you use; Utilities; Rent (office or storage space); Labor (1099 contractors, not employees); Insurance (health, life, general liability, errors and omissions). Get in the habit of entering this information every month (or even better, every week) to make tax time a little less trying.
Have a great day and enjoy the upcoming cooler weather (and for those of in the Southeast, hopefully dryer weather).
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