Wednesday, February 27, 2008

Taxes and your home-based business

We all are excited about the home based business that we are about to start, right? I started Etsy-ing about a year ago, and now I'm doing paid blogging too. But one of the keys to making and not losing money in your home based business is to keep your receipts!

To keep my receipts for all my purchases related to my business (just Monday that was a printer cartridge, fabric, a pen, sewing machine needles, and my receipt organizer) I bought a small expanding file that I think was designed to keep coupons in. Each time a receipt crosses my path, be it from the post office or an online purchase, I tuck it in there. Come tax time, Uncle Sam isn't going to be able to take such a big bite out of my earnings, since I can now prove that it wasn't all profit, I had to... you know... spend money to make money ;) And Uncle Sam doesn't tax on what you spend for your business.

Works for me!

See Rocks in my Dryer for more great tips


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