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Message
how to keep track of 1099 deductions
Posted on 8/9/14 at 5:38 pm
Posted on 8/9/14 at 5:38 pm
maybe I didn't word that right. I have a friend who gets 1099'd at the end of the year.
he wants to keep track of his deductions and also what he should be saving for pay in.
is there a spreadsheet somewhere to keep track of what he can deduct and a formula to follow to make this easy?
he wants to keep track of his deductions and also what he should be saving for pay in.
is there a spreadsheet somewhere to keep track of what he can deduct and a formula to follow to make this easy?
2
Posted on 8/9/14 at 5:56 pm to Sir Drinksalot
1. Keep receipts
2. Give to CPA
3. ?????
4. Profit
2. Give to CPA
3. ?????
4. Profit
Posted on 8/9/14 at 6:02 pm to Janky
1.5 Organize receipts decently so CPA doesn't charge me a ton to do that.
Posted on 8/9/14 at 6:08 pm to eng08
Yes, I actually total them all up and give her a spreadsheet.
Posted on 8/9/14 at 7:28 pm to Janky
He wants to by pass the CPA. Any ideas?
Posted on 8/9/14 at 7:35 pm to Sir Drinksalot
quote:
He wants to by pass the CPA. Any ideas?
If he's having these kind of questions, he may need to not bypass the CPA. A really good CPA is worth what they charge when you need one.
Posted on 8/9/14 at 11:31 pm to Sir Drinksalot
You can deduct the money spent on a CPA on next years taxes. It's a no brainer to organize your receipts and pay a guy to figure it out.
Posted on 8/10/14 at 6:41 am to Ham Malone
If he is itemizing then he needs a CPA.
Posted on 8/10/14 at 12:54 pm to Janky
Aren't there a ton of apps out there like expensify, which lets you take a picture of receipts and categorize them and throw them away.
That's the best, about to start doing it again on a new startup.
That's the best, about to start doing it again on a new startup.
Posted on 8/10/14 at 1:14 pm to GeeOH
Thank you. I do bookkeeping but it's more quarterlies/payroll/rec/payables.
I know you can do this without a cpa but wasn't sure how to attack it. Never thought of an app. Genius.
I know you can do this without a cpa but wasn't sure how to attack it. Never thought of an app. Genius.
Posted on 8/10/14 at 7:10 pm to Sir Drinksalot
Boy, is it going to suck fighting an IRS audit.
Posted on 8/10/14 at 7:10 pm to GeeOH
I loved expensify when I was traveling and working for myself. That site would catalog, record and fill in all the info. It was great and saved me hours.
I find it amazing that the big companies (using concur now at work) don't have a good expense report system.
I find it amazing that the big companies (using concur now at work) don't have a good expense report system.
Posted on 8/11/14 at 9:15 am to Janky
quote:
If he is itemizing then he needs a CPA.
Not really, but if he wants to start making estimated quarterly payments he may.
I always told my clients the easiest way to keep track of self-employed expenses was opening a separate checking or credit card account and running all business expenses through that. Then entering all those expenses into a spreadsheet or accounting software monthly, so at the end of the year you just hit the print button and it gives you all the totals.
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