New Year! What to Save for Write Offs & Organization

[CAmomCookin4U]

Hello fellow cheffers. My Goal for 2007 is Organization. SOOOOOOOOOOO the question is what is necessary to save for taxes like receipts (write-offs) etc.
I want to start the year off more organized and MORE Productive. All Help Greatly appreciated. Laurel

 

[gilliandanielle]

I know you should keep records of anything you give away free (value, to whom, etc.) and groceries if you buy them. I don't keep track of mileage, but I have reciepts for postage, office supplies, clothing from VIP, my laptop and other obvious things.

 

[chefkristin]

Yes! I get to write off my LAPTOP and all the stuff I got for it!!!

 

[jenniferknapp]

And, you can do it next year and the next after that! It is a depreciating value, but you can claim a computer year after year! Sorry I don't know the specific details, but my LPA told me about it and does it for me with my other side business

 

[chefkristin]

And, you can do it next year and the next after that! It is a depreciating value, but you can claim a computer year after year! Sorry I don't know the specific details, but my LPA told me about it and does it for me with my other side business

What is your other side business?

 

[jenniferknapp]

freelance web designing

 

[chefkristin]

freelance web designing

My husband does on the side! He has a couple of websites that he has done for some local businesses.

 

[thechefofnorthbend]

I have written off my computer every year and once it equals the value of the PC, I take my return and buy a new one. This too helps me along on my other (not so side, mostly right along with PC, in time I mean) business, as I use it EVERYDAY, ALL DAY!