TAX TIME RECORD KEEPING
#12
Power Poster
Join Date: Feb 2009
Location: Northern Michigan
Posts: 12,861
i keep all of my receipts! my accountant always wants to see the paper trail.
i keep a running tally (spreadsheet) for my own inventory- and way to keep track-making it easier when i go in to have my taxes done- but there is also a folder with every reciept- office supplies/postage/materials/supplies-
i also keep itemized invoices for every sale- or quilting fee.
i keep a running tally (spreadsheet) for my own inventory- and way to keep track-making it easier when i go in to have my taxes done- but there is also a folder with every reciept- office supplies/postage/materials/supplies-
i also keep itemized invoices for every sale- or quilting fee.
#14
Banned
Join Date: Dec 2010
Location: Colorado
Posts: 1,376
It depends on how your licensing agency wants them. I live in Colorado, and I file quarterly taxes to the state and annual business taxes to the city. For the state I don't have to list what the items are, only total amounts. For my city licensing I have to list everything and show what the purchases were at the end of the tax year. I only have to list categories such as thread, batting, equipment, notions, etc and I do not have to show quantities.
But I keep all of the paper receipts. When I've filed my quarterlies, I staple everything together because I'm an absolute expert at misplacing things.
But I keep all of the paper receipts. When I've filed my quarterlies, I staple everything together because I'm an absolute expert at misplacing things.
#15
Super Member
Join Date: Dec 2010
Posts: 1,232
Originally Posted by Krystyna
A question for those of you who sew and or quilt for a living ~ :?:
When you keep track of your purchases for tax purposes, do you also keep track of the type of fabric, yardage, price per yard?
Do you keep paper receipts?
I started entering them into a spreadsheet and was going to dump the paper, but my husband said HANG ONTO THEM!
When you keep track of your purchases for tax purposes, do you also keep track of the type of fabric, yardage, price per yard?
Do you keep paper receipts?
I started entering them into a spreadsheet and was going to dump the paper, but my husband said HANG ONTO THEM!
#16
Super Member
Join Date: Apr 2011
Posts: 3,812
You must hang on to the paper receipts, and keep excellent records. That way if the government decides to audit you, you will be well prepared.
Please don't ask me how I know this, we owned a business for many years, been there done that.
Kat
Please don't ask me how I know this, we owned a business for many years, been there done that.
Kat
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dltaylor
General Chit-Chat (non-quilting talk)
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01-27-2012 08:04 AM