keepingnickels

Keeping Nickels

Business and Personal Finance For Freelancers and Start-ups

Keeping Nickels

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

  • Mint, Geezeo, Wesabe, Rudder, Thrive

  • 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"

"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

http://keepingnickels.com

copyright Nichelle Stephens 2009