save all your reciepts. you drink a coke? that's a business expense. you buy a box of tissue? business expense. try to keep these separate from your groceries. you can get it at the same time and whO CarES what the cashier is rolling her eyes about...ASK for a SEPARATE ReciEPt.
meeting a "potential" client for lunch? keep your reciept as a business lunch. no, having someone over for grilled cheese and tomato soup doesn't count. (yum!)
i'm not sure since you will be home based if you can use travel/commuting...but if you will be meeting potential clients/buyers OUTSIDE of your office, keep a mileage log!! this way you may be able to deduct your mileage.
new sewing machines, materials, phone bill (part of it), internet bill (part of it?) if you are selling online...
music help you concentrate? keep the reciept for "kenny G muzak."
want to wear a uniform to help keep you in the "work mode?" reciept!! getting it monogrammed? same thing.
gifts for clients? those are tax deductible, too!!
books that help you with your "trade" are great!! and expensive. even keep the reciepts you get from suppliers on Ebay.
even if you don't think you need a reciept for it, keep the reciepts. and maybe get quicken to help you keep track for ease of tax notations. (i was once a "dancer" and we can write off just about everything. but at the end of the year i was so disorganized it would take me a very long time to catagorize my reciepts and spending.)
try to make sure you have a routine. it's really hard to plunk down on the couch for 10 minutes and watch the day go by.
hope that was helpful!! |