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| *Loan,banking and credit>>>tax advice |
I am starting a business a little business on Amazon. How should I keep track of things for taxes? Any advice? |
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! 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 Keep every receipt that you get. Use only checks and credit cards to pay for things so you have a record. For starters you can use something rather simple like Quicken to kept tract of all of this. Normally Quicken is for a checking or savings account but you can tract your other expenses by imputing credit card expenditures as if they were a separate account. Check the IRS.gov web site they have lots of good advice. A form 1040 Schedule C is the form on which you report your business income and expenses. The following links will provide one, along with the instructions. http://www.irs.gov/pub/irs-pdf/f1040sc.p... http://www.irs.gov/pub/irs-pdf/i1040sc.p... Get Quickbooks! Keep track or reciepts and invoices and do you bank recs. |
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