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ArTips©-The newsletter dedicated to the business of art.

Sometimes practical, sometimes techy, always helpful.

Receipts and Expenses

We're in the middle of tax season, and one thing probably on your mind is how to make it easier next year.

One approach to use is organizing your receipts and expenses. It's easier to have them all in one place, rather than scattered around. If you keep this up over the course of the year, then it's a snap to put it all together for taxes. All you need to do is figure out a system that works best for you. Here are a few suggestions.

Use a loose leaf notebook and a supply of sheet protecters. Every time you get a receipt for an expense or you make a sale, pop the receipt or sale slip into that month's pocket.

Get a small file box or a corrugated storage box with divider tabs for each month. Again, every time you have an expense or make a sale, you can file the receipt in that month's section. You can also use an accordian file pocket (sometimes called an expanding file with flap or an expanding wallet) and put 12 manila folders inside. These are nice because they usually come with a velco or elastic seal.

And if none of this really works for you because it's too fussy, just use a shoebox. While it's not the ideal situation, it's better than having no system at all.

If you're in the Philadelphia area, look for my ARTBiz column each month in Art Matters.


 


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