Who loves doing taxes ?! ?? Anyone? Anyone at all?
It’s strange how some of the most important aspects of a business are not being talked about. There are hundreds of tutorials on social media marketing or blogging but it is impossible to find great ones on Taxes. Why is that? There’s the fear of saying something legally wrong which in turn scared people from saying anything at all. So after a frustrating year of trying to figure out how to do taxes for a blog like ours, I finally found the perfect method.
Buy an expandable file folder to store all your receipts (label each section by months)
Download Everlance which is an app that can track your miles, expenses, income and all your categories for taxes! GAME CHANGER!
This was so helpful for us since we drive so much for networking, events, photoshoots, and other similar things. All these miles we should be tracking and it makes it sooo easy with this app. You simply swipe left for Personal trips, and swipe Right for business (and then you can choose what category – like events or shoots, etc).
You can also track all your revenue and spending in this app (which is why I love it, all in one)! You simply add expenses and revenue and add it in the standard tax categories or create your own!
At the end of the year you can print out PDFs, that are all organized with the categories you have created, and you can take them to your accountant! Our accountant was so pleasantly surprised by how organized we were and loved our system!
It’s also super useful for us to see these pretty pdfs of our revenue, expenses, and miles! It gives a quick overview of what we spend and made money from on each category. I absolutely love it!
Here’s an example of tracking your Expenses & Revenue:
There is a free version if you do not need your miles tracked automatically and then there’s a paid version if you want that automatically done. The cost is only around $60 a year annnd it’s tax deductible so I highly recommend it!
At the end of the year use sticky notes to first label each month and then clip all of them together. Find a pretty box to put them in (I used mine from Emily Ley’s Planner) add your pdf reports from the year and all your receipts and store it away. And just like that you are more prepared and less stressed 🙂