Small business accounting can be super simple if you employ some tech and spend some money along with learning the new tech. What happens though I you want to go it alone?
by Kevin James Culp
Be a rebel. Be a cowboy and do your own accounting? Or, at least do your basic accounting of your expenditures to make your actual accountants life easier? I have an easy and free solution.
Find The Best Business Opportunity Accounting Spreadsheets – Free Spreadsheet to Track Business Expenses for Schedule C.
Power Plan has put together an Excel spreadsheet with columns for all the information you need to track business expenses for Schedule C. They also put together a guide to help her know which categories to choose for each item so it’ll correspond to the tax return. They made all of this general enough so I can use it for just about any small business opportunity. I thought some of you might find it useful for your own businesses.
They note: It is suggested that to have records like receipts and bank statements to back up the expenses you claim. If you want to learn more about record-keeping requirements, I’d recommend reading IRS Publication 583 and Publication 463.
The Best Business Opportunity Accounting Spreadsheets – To use the spreadsheet, you’ll need to have Microsoft Excel, Microsoft Office, or Open Office (which is free!). They thought about uploading it to ZohoSheets, but I’m not sure if the conditional formatting will work on there.
Thanks for Reading & Carpe Diem My Friends!
SOURCES: IRS, Provident Planning, 1040TaxBiz.com
Related Additional Reading Suggestion: Taxes for Small Businesses QuickStart Guide
