[Jewelry making - Article 00564] - Re: [Orchid] [Biztalk] Taxes - First Sch C

[Rexarino]

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>     what software did you buy? I have peachtree and still trying to
>     work it out. I resorted to just using Execl to track and I am sure
>     I am missing out on a lot of items. 

    Tina, I use QuickBooks, which I was able to understand with a bit of
    help from a person who had taken accounting in High School. I found
    it much more intuitive than Peachtree, which has an enormous learning
    curve. Once I understood setting up accounts, the rest was a piece of
    cake. And, most accountants can directly use the data from the
    program - either exported or in report format. As the program
    provides integrated functions (when I create an invoice, I have
    automatically entered data in the appropriate accounts) I find my
    sorting time is substantially reduced, and I don't loose as many
    receipts. 

    For taxes, I annually purchase a copy of TaxAct from
    http://www.taxact.com They offer free Federal tax forms and free
    E-filing, I believe. I always purchase the downloadable product,
    because I keep the entire program and the records and supplemental
    forms for years. I have the utmost faith in them, but have no
    connection other than as a customer. 

    If you find all the terminology and forms intimidating, this is
    where an accountant or CPA or a knowledgeable bookkeeper or the Small
    Business Administration can help. If you've been working with the
    program for a few weeks, and have some history of attempting to keep
    track of expenses and income, then an outside teacher can be a real
    help. Don't commit to a long agreement, just ask for a one time
    consultation to set up your accounts and answer questions. If the
    person is easy to understand and work with, they can become a
    valuable resource. If they only want to sell you a long term contract
    for extensive services, look for a friendlier mentor. It is not
    unreasonable for them to charge you a substantial rate for the
    consultation - you'll receive a lifetime of benefit from the right
    teacher. BUT, if you have a bad feeling in the first five minutes,
    leave. You want someone who will listen to you and respond to your
    questions. 

    I see that you also asked about scanned documents. I doubt that a
    scan would suffice if it were challenged, but I use scans and screen
    prints to record much of my transactions for my own records. I name
    the picture with relevant info, date, (year/month/day), category,
    invoice #, item, etc. By using the date first, the entries can be
    sorted on screen - I think in a time based manner. Some might find a
    different correlation more appropriate for them. 

    Well, that should generate another round of responses, 

Rexarino

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