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How can I keep track of receipts better?

I am starting a business a little business on Amazon. How should I keep track of things for taxes? Any advic

  • I am starting a business a little business on Amazon. How should I keep track of things for taxes? Any advice on how I should run things, or what software to use. Should I save receipts for the supplies I buy? Any advice on anything please. Thank you!

  • Answer:

    I suggest you keep all your receipts and track your income and expenses. Definitely keep your receipts (best if you separate business related receipts from your personal receipts) You can use a simple Excel spreadsheet or use a more sophisticated accounting program such as Quicken for home office. An Excel will do just fine. Here are things you can deduct and claim as business deduction in your Schedule C come tax time: - Fees/Commissions Amazon charges you for selling - Internet access - Shipping expenses such as postage/stamps, shipping boxes or mailers - Promotion and advertising expenses you are running - Office supplies such as papers, pens, calculators - Equipment such as computers, scanners, fax machines, camera and other equipment you used to run your business - Gasoline expenses for going to and fro the post office to ship your items - Books and magazine subscriptions you bought for your business I suggest you read books such as: - Deduct It! Lower Your Small Business Taxes, Second Edition Paperback by Stephen Fishman - J.K. Lasser's Taxes Made Easy for Your Home Based Business, 5th Edition Paperback by Gary W. Carter

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keep ALL receipts, track mileage & gas, track sales & sales tax collected if any. get a user friendly accounting program like quick books or quicken. even microsoft money for startup. it would be a good idea 2 use a specific debit/credit card 4 strictly business purposes - it makes life easier @ tax time whether u prepare your tax returns or not. shipping, po box fees, printing, advertising - keep track of everything even if u're not sure. a few file folders - a good planner/organizer 2 start. there's more 2 it, but u'll get a feel 4 what works 4 u as u go along. the most important thing is 2 be organized, not perfect, but be able 2 get your hands on info when u need it. good luck 2 u. next time u post, share your website!

TaxGirl

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