Tuesday, April 26, 2011

::Tuesdays's Tip::

If there was just ONE piece of advice that I could give small business owners or someone who is considering starting a handmade business, it would be this:

...save your receipts!

Every lasting one of them.

The tax deadline passed us a bit ago and I am learning my lesson better each year.  I did just so-so saving my receipts from 2010 but it was better than 2009.  I found a few more receipts in an obscure place [naturally] that totaled about $125.  That would have saved me a few more pennies to send to our dear government.

This year, I've gotten so serious that I even bought a small, expandable file.  You know the kind?

As good as I've done, there are still more things that I need to print off the computer to include in my file.

Here's a list of expenses I have come up with that maybe you encounter in your small business, too.  Some are more obvious than others. :)

*[naturally] any receipt from any store when you purchase supplies for your inventory
*display items for craft shows
*monthly expenses for email marketing services
*blog or shop re-design
*shipping expenses
*gas expenses [might be a bit hard to keep track of depending on how often you fill up your tank]
*business course expenses [i.e. continuing education]
*paid advertising on blogs
*Etsy or Big Cartel bills
*any subscription fees related to your business [Flickr, Picnik, etc...]

You would be surprised to find how quickly business expenses add up!  I am surprised!

Obviously, I don't support needling your way out of tax paying.  I am a proud, tax-paying citizen!!

Hopefully, this is an encouragement to you to save receipts!  You'll be grateful on April 15, 2012!

Happy Tuesday!

1 comment:

livinginthe1940s said...

Ditto! Those fuel receipts are hard to keep a hold of!!