Not sure about calling it "season" - guess it depends on how long it takes you. It's about a week long for me and my husband. A week of snapping at each other about missing receipts and possible deductions. I'd be interested in hearing how you keep your records to make this process quicker and easier. If it involves me writing anything down anywhere - forget it. If it does not involve keeping receipts - my husband won't buy into it. He is terrified of being audited - like maybe they're going to haul us both to jail for the rest of our lives on that very day. Hope tax "season" is going better for all of you.
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Wanda, I use a categorized envelope system. Everytime I get a receipt I put it in an envelope. At the end of the year, it's just a matter of sorting everything out. Works for me!
Feb 23, 2009 11:17 PM
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team
I was going to suggest the same thing. Try just having a hanging file that you dump receipts and invoices in each month. New month, new folder (or envelope). That might make it much easier to keep track of receipts and keep them from getting lost.
Kathy
Feb 23, 2009 11:28 PM
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY
We use Quicken software. Every check that is written, or bill paid, is tracked by Quicken. Receipts all go into a folder. At year end, it's a snap to generate Schedule C's for each of us, since every transaction is already in the program. As a bonus, you can easily create a budget, track how well you follow it, look up how much you spent on gas or groceries, etc. Sometimes it's a real eye opener to see where the money went, and makes it easier to change a bad habit. I sure don't eat as many lunches out any more, once I saw what they cost over a year!
Feb 24, 2009 01:10 AM
Marketing 4 Realtors - Garfield Heights, OH
I'm your Professional Real Estate Marketing VA!
I put everything in an envelope. I'm just not into bookkeeping so I don't do such a great job for my own business and absolutely NEVER attempt it for any of my clients. But I've found tax time much easier if I have everything all in one place as opposed to looking here, there, and everywhere for the things I need to have our taxes prepared.
~Renae
Feb 24, 2009 03:03 AM
J29 Project - Rochester, NY
Hi Wanda, I have spent lots of time this week setting up Quickbooks. I love it, but wish I had it at the beginning to track everything. It is just very timenconsuming now to input the past year's worth of info. Absolutely worth it so far.
I have been keeping my receipts in a twelve section accordian file. At least it puts them in one place.
This is my least favorite time of the year, so I am feeling your pain right now. How many more days until Spring?
Feb 24, 2009 02:59 PM
Remax Executive Group, Inc., Marsha Booth & Associates - Vine Grove, KY
Oh how funny I laughed when I saw the hanging files and envelopes. I also have quickbooks and lastyear I purchased paperless program at the REMAX convention. This starts my 11th year in business and when you open my desk my hanging file with receipts are there and my envelopes are waiting on my collection of receipts. Keep up the good work and I will leave a box of envelopes on your desk!
Feb 25, 2009 12:42 PM
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker
Comments(7)