« Stress Management Tips for the WAHM | Main | The Myth of the Work At Home Mom »

Aug23
Keeping Track of Taxes

Even though it's the middle of August, it's not too early to begin planning for how you will file this year's income taxes. Jeff Christman, at Home Biz Chat has a helpful post on choosing a tax service.

In addition to Jeff's tips, here are some things that you should already be doing to prepare for taxes if you live in the United States:

  • Save records of all business expenses. This includes receipts for materials and equipment purchased as well as dinners spent entertaining clients.

  • Keep records of all payments received. Don't assume that your client will automatically send you a Form 1099 just because they are required to.tax-preparation-for-home-businesses.JPG
  • Keep records of all payments that you make to others so that you can send Form 1099s to them.

  • Save receipts for the cost of any legal or tax advice that you receive.

  • If you make quarterly estimated tax payments, keep a record of your payments.

  • If you use your vehicle for business purposes, make sure that you have a record of miles driven.
Consult a tax professional if you have specific questions about your particular business. Additional information is available at the Internal Revenue Services website.

What about you? Are you keeping track? Leave a comment and let us know.

If you operate your home business outside of the United States (as I know that some of you do) leave a comment and let us know how you prepare for taxes.

0 Comments/Trackbacks




submit a trackback

TrackBack URL for this entry:

post a comment

Name, Email Address, and URL are not required fields.





Comment Preview

« Stress Management Tips for the WAHM | Main | The Myth of the Work At Home Mom »

Advertise

recent comments

    sponsored ads



    subscribe


    Prefer Email?
    Subscribe below-

    Enter your Email:


    Powered by FeedBlitz What's this?

    Current News

    Support This Blog

    blogroll


    business social media

    Use these fast growing business social media sites to promote your business, feature your products, spotlight your business leaders, create links, and drive traffic back to your company site, all for free!

    BIZZlogos - Add your logo - free link to your site
    BIZZphotos - Add photos of your products and people
    BIZZprofiles - Submit your profile and build your online visibility
    BIZZspotlight - Spotlight your business with free links
    BIZZvideos - Videos about businesses, products and business people.
    BIZZbites - "Digg" for Business - Submit your articles and posts

    Know More Media - Small Business / Home Based Business

    know more media network

    View Network Map

    Network Feed List (OPML)

    Know More Media Network
    Feed


    we support unitus

    PRWeb

    Influencer



    WorkFromHomeMomma is a member of the Know More Media network of business related blogs.

    Here are some current headlines from some of our business publications:

    ProductivityGoal

    CallCenterScript

    AdHurl

    TheBizofKnowledge

    LandingTheDeal

    CustomersAreAlways

    HealthCareVox

    BrainBasedBusiness

    TheInsurancePolicy

    MarketingBlurb