Saturday, January 7, 2017

Phoenix Make Money From Home: Planning for Tax Season

Phoenix Make Money From Home
Phoenix Make Money From Home
As any working American knows, we’re moving right into tax season. It’s the not so happy time after the holidays where we get to look for receipts and old bank statements to figure out what we owe or what we get back. It is usually around this time of year we start kicking ourselves for the poor records we kept. So, with all the stuff to do in life, how do we stay on top of our financial records to make tax season easy?

The obvious answer is to stay organized. Create a record keeping system that makes sense to you. There are paper and pen methods or sophisticated computer programs that run analysis on expenses. Choose the one that makes more. Many financial experts say to find ways to create copies or backups in case any loss occurs, so it wouldn't be a bad idea to find ways to easily duplicate your records.

Phoenix Make Money From Home
Phoenix Make Money From Home
Not only do you need to stick all those papers in the same filing cabinet, but help yourself later and make sure you will know what that paper was eight months from now. A receipt for frozen yogurt is meaningless if you don’t remember you took a client out and ended up buying it for them. Some create files for business lunches while other would write a short explanation on the paper. The idea is to ensure that things are labeled in such a way that you can come back to them if you need to, and that you are then able to explain the finances to yourself and potentially anyone else who asks.

Not only is it important to label and track expenses, it is also important to track income. Depending on your income streams, you may be taxed differently on certain sources of income. Those in Phoenix make money from home in many different ways, and at the end of the year, you need to be able to recount where specific paychecks came from.

Regardless of the Phoenix make money from home method or the financial organization that makes sense to you, the most important thing is to stick with it. Have a night every week that you use to catch up on your finances. Doing it once a week is a lot less stressful than once a year!

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