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.
- 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"
- Quickbooks (Don't get Simple Start, but get Pro or Premier)
- Freshbooks
- Less Accounting
- Outright
- Xero
- 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