Organizing Receipts for Tax Time: Tips for Pampered Partners

[PamperedEsther]

finally...

My apologies for not posting this sooner. This is the file that I use to decide what reciepts to keep & toss. Pretty much every reciept I get throughout the year is kept in my accordian folder in my office. If there are any reciepts that aren't clear (like from the $$$ store), I make a note on the back of it. Grocery reciepts, I keep track of my putting the hostess name and/or show # on the back. You can also claim other groceries (but probably not all) assuming that you have your own "test kitchen" at home, whether or not your family is eating the final product. I claim my internet & 2nd phone line completely, so I don't use the home phone expenses.
Gas & mileage include trips to Staples, deliveries to customers, grocery store etc, so I keep a log book in the car. My director doesn't do this, she keeps a mini tape recorder & just speaks the starting & stopping mileage & reason for trip into her tape... everyweek she comples the #s and writes it down for the taxman. She pops a full tape into her accordian file at the end of the month. Man, would i hate to be the auditor to have to listen to that ... lol

Make sure to include any reciepts from Pampered Partner where you covered shipping ("On Account") for a guest, ordered supplies, samples or other product. Just print them out right away & file them in your folder.

Hope this helps. I know that the Canadian Revenue website is really informative as well.

Esther

 

[Marg]

Thanks so much Esther! This is my first year so I really appreciate the tips.

 

[Stephanie S]

Thanks so much Esther. Did you set up a Spreadsheet to track everything in? That's my next step and I'm just trying to figure out how to organize it. If you have any ideas please let me know!

Thanks again!

 

[PamperedEsther]

How I track

my expenses is pretty basic. My accordian folder (from Staples or Walmart is udner $10, I relabel the tabs at top to fit under groceries, utilities, property, samples, vehicle, etc).

I use Quicken Home Business edition (I think that is what it is called). I'm sure someone more computer savvy than I can think of a way to produce an efficient spreadsheet, but I like the ability to produce reports on my business throughout the year & letting the computer do the work for me. I can also track bill payments online & track my personal accounts with this program. It costs about $100 at Staples, and my hubby & I got it because we want to be able to keep track of everything at a glance (I have Pampered Chef, a home based daycare, he works a "regular job" and teaches Music For Young Children after school & we both have a small property maintenance firm and of course there is the household budget & our personal investments to keep track of. We don't worry about tax season & sorting reciepts at the end of the year because it has all been entered & can be downloaded right to the computer tax program we use.)

Stephanie, If you make a spreadsheet, could you post it for the rest of us? Thanks!

Have a terrific day.

Esther

 

[Stephanie S]

Spreadsheet

Thanks again for all of the info. I am going to have my boyfriend sit down with me to help me create a spreadsheet. He is an Investment Banker and is good with that type of stuff. I will most definitely post it for your use!

thanks again