Tax season is upon us. If you're anything like the typical creative type you've been hiding behind your camera, your computer and yes, even your children avoiding the dreaded number crunch. While there are a rare few moments of clarity in my year for numbers I used to dread the necessity of keeping books.
A few years ago I resolved to tackle my avoidance and really get organized. I had heard from a friend that a tax diary was a fantastic thing to help you keep track of your yearly expenses. I looked into the system and found that a simple ledger pages in a binder worked better for me.
Once each month I log in to Dreamstime & other revenue generators, check my stats and add the total income from each to my monthly ledger page. On the reverse side of the page I keep my expenses for that month. Behind each page, I keep an envelope for receipts. On my kitchen counter there's a catch-all for the receipts and I try to schedule time ever 2 weeks to add the receipts onto my expense page.
At the end of the year I am able to quickly provide my accountant a record of all my income and expenses. Knowing that my receipts are all present in one dedicated area sure takes the pressure off.
I've never been so relieved at tax time. The only thing it costs me is roughly 30 minutes every other week, a new binder and some nice new envelopes yearly. And hey, I know it's April - but it's never too late to get organized. Your accountant will love you for it.