Forums: Discussions for entrepreneurs and small business.

I had a tax accountant, a few years back, tell me to put categories into my expenses spreadsheet ... ie. food, travel, car, supplies, etc. So I had been using this system, until the IRS changed a few things on the small biz taxes this year, so the categories didn`t work out so well.

So if you`re a "microbiz" ... do you bother categorizing expenses, or just write them all down and sort it out in Jan?

Keep them separately. 

You can always combine your totals where necessary and it will save you the time consuming task of doing it at tax time.

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Nikole,

I categorize everything and my accountant recommends it.

R@

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Richard Arnold · Key Concept Writers · Business Communication: The "Key" To Success· Law of Attraction Blog · Life Ain`t Brain Surgery Blog

I used to use quicken and then started using quickbooks.  In quicken I found  that it`s soooo much easier to keep up with expenses and keep finances under control.  It`s also easy to categorize everything.  At end of yr just print a report and give it to your accountant.

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Scott Hearne The SEO Company That GUARANTEES Results www.ClickResponse.net shearne@ClickResponse.net 888-392-1110 x102

I am with keycon on this. 

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Vincent Wilcox (a.k.a. KRAKR)
Drummer
My band: Letters Make Words

Good advise Keycon!  No matter what type of expense so long as it is business you should keep track of it on a monthly if minimal, if not at least each day.  Waiting on January to come around and then allocating the type of expense might prove overwhelming, unless you have a good memory.  Yes the IRS has updated its regs on business activity, but for the most part same principle applies, in the accounting world that is.

Bree

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Categorize - at least to know where you are spending money.


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Steve Mann
Internet Videographer
MannMade Digital Video
My Email

As a CPA, I recommend that you have a bookkeeping system in place.  Accounting is not for tax time only.  You need to know how your business is doing throughout the year in order to make decisions about your business.


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Michael W. Crosby, CPA
(832) 693-2711
http://www.michaelwcrosbycpa.com