Get Prepared for Taxes

November is a crazy busy month for my business.  I always have a bunch of parties in November and the huge Black Friday Sale is November, so I choose to do less in December.    

I don’t hold home parties (with the exception of the monthly meal in a jar party I have at my house).    I do keep working on my business.  I focus on organization, preparation, planning, and everyone’s favorite taxes.   

I get all of my tax documentation in order so I can take it to my accountant in the New Year.

I do that using an Excel Spreadsheet, and a 3 ring binder. 

Let me walk you through it.

The Binder: 

I use this throughout the year.  Don’t worry if you didn’t use it this year.  It is still a great way to catch up.

What I do:

I have a binder with a divider and envelop for each month.  I keep track of my finance by month and category. 

Here is what my binder looks like: 

Want to make your own?  Here is how.

You need:

•  12 copies (one for each month) of  Monthly Expense Record
• 12 Envelopes (to put receipts is)
• 3 ring binder—or file folder (to organize it all) 
• Hole punch

Write the name of each month on each of the monthly expense records.

Staple an envelope to the back of each month.

Punch holes in the side of everything

Insert into the binder.

The Excel Spread Sheet

I love love love this spreadsheet.  It makes going to the accountant to do taxes so much easier.  

Notice that each month has its own page to enter data on.  You enter the data on the monthly pages and it then everything auto populates to the first sheet and you have your income and expenses. 

You can download the 2014 Tax Spreadsheet here.

Disclaimer:  I’m not a tax professional be sure to consultant your own accountant.