Saturday, March 22, 2008

Spring Cleaning

I spent much of the day getting the house in order. After two quick trips and a pile up of work things built up to a point where I couldn't take it anymore. In the process I've found a mint of change which will be snowflakes once I get them to the bank. I also found some mystery shopping receipts that I'd faxed but never went through.

One big change I'm making this year has to do with organization. When I started my takes I realized that I didn't have a few things I could have written off as buisness deductions. This year I want to keep better track of milage and receipts so next tax season will be easier and perhaps more lucrative.

Finally, I'm glad I showed some restraint the other day with the window plastic. It's 30 degrees and sleeting. Looking at our electric bills for the last few months we've used significanly less energy. The higher fuel prices equal higher bills despite the reduced usage. So every day with the plastic up helps.

2 comments:

Cathy said...

Keeping good records is hard. So much paper!

You may still be able to take a deduction if you do not have the receipt, as long as you have other documentation of the expense, such as an expense log.

Be thorough in looking for deductions. Anything that is a reasonable and necessary expense for your business may be deducted. And you do not have to use it 100% for business to be eligible for the deduction. You may be able to deduct a portion of the expense equal to the business usage. So, if you use your printer 40% of the time for business, you may be able to deduct 40% of the cost of the printer, ink, etc.

My blog has several articles on mystery shopping and taxes.

Good luck with your taxes!

Heather said...

I've lingered after reading your MIFS post. I really enjoy your blog!

I'm not overly organized, but I'm much better than I used to be. I do Flylady, but I'm not overzealous with it or anything.

You mentioned being more organized with your taxes, so I thought I'd pass on a tip: I keep a large document envelope with the year marked on it with a shaprie and our address label. Everything that could be used for taxes goes into it all year long- Dr. bills, Rx receipts, donation receipts, etc.. In January, I add our forms as they come in. By Februry first, all of the info is in the same place and I drop it off to our tax lady.

I had another one for when I had my own business and all of my postage receipts, mileage log info, monthly expense reports and other business items went into that.

Sorry for the ultra long comment. :o)