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  #1  
December 29th, 2005, 10:48 AM
Super Mommy
Join Date: Mar 2005
Posts: 878
Hi,

I REALLY need help. Tax season is almost here, and I am ignorant when it comes to what to do for my consulting business. I sell BeautiControl (simiar to anyone selling Mary Kay, Avon etc.). I have never had official 'books' that I keep track of. I've tried, but I don't know what to keep a record of. I keep all receipts of anything I buy for the business, and tickets for when I sell stuff, but what about the items I use myself, or give away as gifts. How do I track that? Also, I had someone else do my taxes last year, and he just wanted my income, expenses and inventory for the year. Is that all I need, or am I losing money by not keeping track of more? I would like to do the consulting more this year so that I can cut down on my full-time hours and stay at home more. Before I pick up the pace more, I want to be sure that I understand how to keep my books.

Any help you could give me would be GREATLY appreciated!!! I'm so glad that I found this board! I want to stay home more with my baby, and I really enjoy reading the posts here!!!

TIA,
Veronica
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  #2  
December 29th, 2005, 07:08 PM
Alice's Avatar Mega Super Mommy
Join Date: Jul 2004
Posts: 2,057
Hi, and welcome!!

Sorry, but I haven't got a clue!!! I'm sure someone else here will though!!
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ALICE
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  #3  
December 30th, 2005, 06:22 AM
ConnectingRainbows's Avatar Mega Super Mommy
Join Date: Mar 2004
Location: Fletcher, NC
Posts: 1,533
OH CRAP! Ya know... I wrote an article on this very topic at some point and I have no idea where I posted it or if I kept it. I will see if I can find it before I do a "rewrite". It certainly would be the right time of year to post it for publicity, wouldn't it?

If I don't respond soon... send me a note to remind me. My multi-tasking is out of control and I tend to forget where I was. LOL
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WAHM to Dylan & Courtney

Tired of feeling like you have to be superwoman, caring for everyone but yourself?
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  #4  
December 30th, 2005, 06:57 AM
ConnectingRainbows's Avatar Mega Super Mommy
Join Date: Mar 2004
Location: Fletcher, NC
Posts: 1,533
It looks like I may never have actually written the article I intended to write, but I did find some old posts I did on the subject. Pardon me while I cut and paste....

My first tip is to work backwards. What are you doing all this book-keeping for any way?

Filing tax returns? Get a copy of Schedule C and look at the categories on there. These are the items you need to track. They are the categories in which you will want to save your information. For each category that requires receipts, get a folder for the category and label it according to Schedule C. If you use financial software, set up categories by Schedule C to track your income and expenses. If you do it all in a spreadsheet or on paper, label each worksheet/notebook section by Schedule C. Put monthly hardcopies in the files with your receipts.

Locating customer information? Determine what information you might need. Keep hardcopies of orders in monthly files so you can refer back them if needed. Transfer all new customer information into a database, spreadsheet or index cards. Include order dates, or last order date so you can locate the orders.

And now that you prompted me, I have to copy this into an article for my website.


and this one....

"why do you file your own tax returns?"

The only time I didn't, the CPA made a mistake on my tax return that I found. Of course, I made him file an ammendment for free.

I now use TurboTax to do my taxes. That picks up a ton of stuff. My husband's aunt is also a CPA, so I get free tax advice if I run into any problems.

I wasn't suggesting to do your own taxes. I was just suggesting using Schedule C as a basis to help you organize your records.

I use Microsoft Money to track all of my business income and expenses, marking what is for personal use. Then at the end of the year, I just run a report and transfer the values to my tax program.

Hope this helped at least a little.
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K.C. Gagne
WAHM to Dylan & Courtney

Tired of feeling like you have to be superwoman, caring for everyone but yourself?
You don’t have to! JourneyToJoy.com
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  #5  
January 5th, 2006, 01:44 PM
Super Mommy
Join Date: Mar 2005
Posts: 878
Thanks a BUNCH!! That is a lot of help!
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~Veronica

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