keepingnickels
Business and Personal Finance For Freelancers and Start-ups
BOOKKEEPING IS LIKE BOOK-MAKING
CHART OF ACCOUNTS = TABLE OF CONTENTS
"ISLANDS IN THE STREAM (of income)"
Consulting
Freelance
Whatever
"KEEP' EM SEPARATED"
it's business; not personal
have separate checking accounts and credit cards to keep track of expenses.
"Personally" (Personal Finance Tips)
Use Online Banking Alerts to keep your mind on your money
Internet Banking (ING Direct)
Look for Free in-network ATMs always (those charges add up)
"LOVE ME TENDER" (Cash is not King)
Petty Cash ( necessary for travel, tips, taxis)
Organize the receipts, entered them monthly.
Scan them yourself or use Shoeboxed is like "Netflix for receipts"
Tweet What You Spend for on the fly cash expenditures
"Gone Daddy Gone" (Expenses)
Many of your expenses are tax deductible
Don't forget to deduct Paypal fees, Google Checkout fees, magazines, taxis, subway.
"ONE WAY OR ANOTHER"
Quickbooks (Don't get Simple Start, but get Pro or Premier)
Less Accounting
Spreadsheets
"TAX MAN"
1040 w/Schedule C (tax form used for both LLCs and freelancers)
Income - Deductible Expenses = Taxable Income
Income: all 1099s MISC, 1099 INT and W-2s
Expense: business and personal deductible expenses
Outright builds a Schedule C
Tax Act (Highly recommend)
File Free via IRS's E-file
copyright Nichelle Stephens 2009