Comments on: The easiest accounting system

By: Becky McCray

Becky McCray — Tue, 20 Mar 2012 15:30:56 +0000

Jaiyeded, I've asked Glenna Mae to answer this question for you, and here it is: Deducting Blogging Expenses.

By: Jaiyeded

Jaiyeded — Wed, 14 Mar 2012 23:03:56 +0000

Can you still claim business expenses on your taxes if you’re a blog contributor and the website can’t pay you yet because it’s just barely profitable?

By: maesz

maesz — Thu, 29 May 2008 18:31:00 +0000

Thanks, Bob & Scott, for the good words. You both obviously are doing a good job keeping track of things. Bob, you might want to give the expense envelopes a try.

As regards the time span each envelope should contain, I only mentioned quarters to illustrate that by the month is not the only time available.

Also, many very small businesses benefit from a slightly longer time frame: more accurately shows how things really are going. And, hey, Scott, if folders work for you--great.

This method is just intended to show the beginner that a full-blown "set of books" is not necessary.

I really appreciate you both taking the time to offer further suggestions and ideas. The more the merrier!

By: Scott Carpenter

Scott Carpenter — Thu, 29 May 2008 12:36:00 +0000

Great post - simple is best. I would suggest creating envelopes for each month to keep accounting as simple as possible (I use a variation for storing paper invoices and receipts - but in folders for each month).

Reporting on a cash basis is a lot of easier to understand and report on that accrual.

Also having a separate bank account for your business is useful because it will contain a record of your expenses and income in one spot. Let your bank help with managing your accounting records! :)

By: Bob Sawyer

Bob Sawyer — Thu, 29 May 2008 12:34:00 +0000

Neat idea. I’ve had pretty good success using BlinkSale (http://www.blinksale.com) to track income; expenses are another story…