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Just got off the phone with tax fraud investigating sister. She said keep it all for three years.
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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. |
You might still be able to buy an old-fashioned book for bookkeeping. If your business is big enough, get a computer program.
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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. |
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! |
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 |
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