Been doing my own taxes for years, but I’m still not sure if I’m handling business expenses right. How do you all keep track of receipts and invoices for tax deductions? I’ve tried spreadsheets, but it feels like I’m missing something.
Anyone have a system that works well for them?
I keep it simple. One folder for all receipts and invoices, sorted by month.
At the end of each month, I scan everything into a digital folder. Then update a basic spreadsheet with totals.
Come tax time, I’ve got all the info ready to go. No fancy apps needed. Just stay consistent with it.
Toss receipts in a drawer. Count 'em up at tax time. Works for me.
I’ve tried a bunch of different methods over the years. Here’s what finally clicked for me:
The key is making it dead simple and building a habit. I used to put it off and end up with a pile of crumpled receipts come tax time. Now it’s just part of my routine.
For invoices, I keep a folder in my email just for those. Easy to search and find what I need later.
It’s not perfect, but it works for me as a one-person show. The most important thing is finding a system you’ll actually stick with.
I just toss all my receipts in a shoebox. When tax time comes, I dump it out and sort through it. Works fine for me. Might not be the best way, but it gets the job done.
I’ve been using QuickBooks for years. It’s straightforward and gets the job done. Just enter your expenses as you go, attach photos of receipts, and let it categorize everything automatically. When tax time rolls around, you can pull up reports that list all your deductions. Stay on top of your records regularly so you don’t scramble at year-end. If QuickBooks feels too heavy for your needs, even a simple spreadsheet will work if you update it consistently.
I’ve been there, struggling with receipts and invoices. What worked for me was setting up a simple system:
Every Monday, I go through my wallet and emails. Receipts go into a folder labeled with the month. Invoices get saved to a ‘Tax Stuff’ folder on my computer.
I use a basic Excel sheet to track it all. One tab for expenses, one for income. I update it weekly while having my morning coffee.
For receipts, I jot down the date, what it was for, and the amount. For invoices, I note when I sent it, to who, and when it’s paid.
At the end of each month, I total everything up. It gives me a good idea of how the business is doing too.
Come tax time, I’ve got all my numbers ready. My accountant loves me for it.
It’s not fancy, but it works. The key is doing it regularly so it doesn’t pile up.