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My method is similar to yours. I use the same type file folders but I separate the files between personal and business. That is the last time I touch them. My book keeper enters the folder content content into a spread sheet. Both then go to my CPA / Attorney in Massachusetts. The CPA files electronically. Very good system. I think the files must be maintained for seven years. Me being over protective I keep the files for 8 years. Thanks for sharing.
Cool. Yeah it's very hard for me to separate personal and business because most of my personal stuff has some percentage of writeoffability (that's a real word). I think I have all my files from when I started the business in 2009. Guess I can get rid of a couple!
For clarity sake, everything in the files mentioned is not job specific? What job specific information goes to your accountant? Example Mr. Brown installed a roof for $10,000.00 of which $7,000.00 was materials. How are you documenting this job to your accountant. I am beginning to organize receipts for my son's new business and not sure what to do with job specific purchases, the materials for which don't belong to his business but more or less to the project. Hopefully, I have made this understandable. You mentioned jobs in the back of your container but not what you do with that information. Thank you.
i used to separate it all by jobs and my accountant wasn't really interested in that. They just wanted the total income and total materials. I still keep jobs in folders but as far as taxes is concerned my quickbooks keeps track of all my expoenses for write offs now
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Have you noticed register receipts especially big box ones fade to blank in under a year.
Why not organize receipts into specific folders as you get them compared to putting them all in a folder and going through them again later?
My method is similar to yours. I use the same type file folders but I separate the files between personal and business. That is the last time I touch them. My book keeper enters the folder content content into a spread sheet. Both then go to my CPA / Attorney in Massachusetts. The CPA files electronically. Very good system. I think the files must be maintained for seven years. Me being over protective I keep the files for 8 years. Thanks for sharing.
Cool. Yeah it's very hard for me to separate personal and business because most of my personal stuff has some percentage of writeoffability (that's a real word). I think I have all my files from when I started the business in 2009. Guess I can get rid of a couple!
Thank you ! As a first gen , I had no clue what I was doing & this helped alot!
glad it was helpful! :)
Thank you for this video I'm getting my lawn care business ready for it's first year of taxes and this helps !!!
Awesome! Congrats on the new business! It's a lot of work running a business but I could never go back to working for someone again!
Thank you, for the informative video.
Dig the shirt 🤙
LOL Thanks! 311 is my fav band!
@@BorsellinoHomeServices they were my first concert. I've seen them 5 times.
Thank you very much for your informative video! 👍🏼
Glad it was helpful!!!
What is that file thingy your using? Looks sturdy, I want to buy one. I have mine in 📂 and it's a pain. Thankful for the video.
oh its an awesome file folder box! You can pcik them up at any office store or amazon... here's an affiliate link to something similar amzn.to/2ZyKDHn
For clarity sake, everything in the files mentioned is not job specific? What job specific information goes to your accountant? Example Mr. Brown installed a roof for $10,000.00 of which $7,000.00 was materials. How are you documenting this job to your accountant. I am beginning to organize receipts for my son's new business and not sure what to do with job specific purchases, the materials for which don't belong to his business but more or less to the project. Hopefully, I have made this understandable. You mentioned jobs in the back of your container but not what you do with that information. Thank you.
i used to separate it all by jobs and my accountant wasn't really interested in that. They just wanted the total income and total materials. I still keep jobs in folders but as far as taxes is concerned my quickbooks keeps track of all my expoenses for write offs now
Nothing is automatic in QB still takes work
Absolutely. I think it just keeps me more organized
311 yoooooooow 🤙
AYYYYYYYYYEEEEEEEE!!!!!!!!