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