Year End Question: How Do YOU Keep Track Of Your Profit/Expenses.

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AdHustler

AdHustler

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Aug 24, 2007
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Hey all. Its nearing the end of the year which means only one thing. TAX SEASON. I want to pose the question, how do you keep track of your profits, expenses, revenue to make sure you are remaining profitable and to report your earnings to the IRS?

I personally use QUICKBOOKS. I am not a huge fan and plan on switching to another method next year.

What do you all do? This thread could be helpful to newbies and experienced pros alike. :bigear:
 


meh... and that applies to me in how far?

::emp::

PS: I am in Switzerland, not the US.
 
Only way to do it well is with something like quicken or quickbooks. Best to have all your expenses seperate. Have Business cards and stuff like that. Then just import the transactions into your account software. Set them to the expense type at that time and you're all done. Just put your reciepts into folders or something like that of each money as far as expenses that will coincide with your quicken records. Then you have everything in order when the IRS comes knockin. Also is nice for looking at things like profit and loss for your entire business.
 
blackhorse said:
if we get Ron Paul elected, we might have it easier next year! hhehe. personal income taxes are illegal anyway, but no one has the balls to give the finger to the IRS. Business income of course is taxable.
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Unfortunately, it's legal by explicit amendment to the US Constitution - U.S. Constitution - Amendment 16 - The U.S. Constitution Online - USConstitution.net
Amendment 16 - Status of Income Tax Clarified

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
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No one has the balls to give the finger to the IRS because no one wants to go to jail just for taxes - where I live if you screw up your taxes you'll pay a fine and work something out..

I digress - quickbooks with separate business cards etc like smax0r said is the only way to go - Use either the free Simple Start Edition or a slightly higher model.. but for AM so far it's great.
 
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