Imagine this: You’ve lost your phone. Or maybe, it was your keys. Could’ve been your chapstick. Doesn’t matter.
Anyway, you lost something you need, and you’re scrambling frantically for it. You dig in the bottom of your purse, you raid the junk drawer in you kitchen (yes, we know you have a junk drawer), and you check both the glove compartment and the center console in your car.
You know what you probably did find? Wads of receipts. Which only makes you more frustrated. They feel like hoarded trash. And in this moment of desperation, you want desperately to to shred them to pieces.
In the name of all that is holy, don’t toss those receipts! Tax season is approaching. You will definitely need them. If you missed any spots where you usually hide your receipts, go get them. As you move them from one messy pile from another, filter out your non-business receipts. Then make sure you have the following supplies:
Let’s talk about the “B” word.
Not that “B” word… Get your head out of the gutter.
The word I’m talking about is BOOKKEEPING. Unless you’re one of those awesome nerds (like me) who just love math and money, it’s the vain of your existence. It’s tedious, it’s complicated, and it’s the thing that helps you lose money to taxes.
If you don’t keep track of your expenses and books throughout the year, you will be crying come tax season. So much gets factored into taxes for small product-based businesses. If you aren’t adding to your lists every month, if not every week, you will end up spending a big chunk of money hiring someone to help you sort it out.
Don’t be that person. Keep up with it now, so that you can coast into tax season with a smile on your face instead of etching in a few more frown lines.
Maintaining your books and submitting your taxes is not pleasant, but...