It is tax season people.
Mike, my super-smart husband prepares all of the taxes in our house then we send them to our accountant for the crunching of the numbers. For the first year in a long time (since the year of the adoption) I am paying close attention.
After the official launch of Clapping Dog Media in January of 2015, Mike (super smart husband) would say things like…
“Girl, you should save that receipt, you can write that off on your taxes.”
Since, I had zero experience with small business taxes, I would stare blankly at him and say, OK, good idea, and I would toss the receipt into my giant purse.
This happened many times before I got my act together.
Then one night late last summer, Mike and I were chatting I had just done the numbers for the month. I was telling Mike how much money came in and how many expenses I had. I was feeling pretty proud of the dolla dolla bills that were left over, I had biiiig plans for them.
Mike laughed, well Meg you didn’t really make that much, since you, have to put at least 30% of that aside for taxes. wait. what?
I had not accounted for that.
It was then –sadly over 7 months into the start of my business — that I discovered a super easy tool for tracking receipts for taxes.
Say HELLO to Shoeboxed.
Shoeboxed is a fast way to scan and archive ALL receipts in one single, secure place. They turn all of your receipts whether they are online purchases or real-life ones into verified data that is fully-searchable, categorized and organized data.
It is a virtual shoebox for your receipts.I signed up for Shoeboxed around August, I got the first month free and now pay $9.95/month for the Lite Plan and the ability too:
- Email Receipts
- Snap pictures with my phone
- And take screen grabs on my computer
Shoeboxed scans and verifies ALL of my receipts in one super-organized database so when it is tax time I can simply print a report of my expenses.
Shoeboxed.com has given small business owners and taxpayers an easy and convenient way to stay organized. Just send your receipts, and Shoeboxed will upload them into a personalized online database.
from The Art of Keeping Receipts for Your Taxes by TurboTax So let’s say that I just made an online purchase that I can potentially write off on my taxes, how do I use Shoeboxed?
3 Ways I Use Shoeboxed
- SCREEN GRAB. I can choose to take a screen grab of the confirmation screen. Shoeboxed has a Chrome Asset (little plugin that makes the browser super cool) Once you clip the screen it automatically uploads the image to my account where I can fill in info about the purchase.
2. EMAIL. Shoeboxed provides each user with a special email address just for your account. So let’s say you made an online purchase for a bunch of fancy office supplies but forgot to grab a screen shot of the confirmation, when you receive the Confirmation Email from the vendor you can forward that email to the special email address and Shoeboxed will verify the purchase and add the receipt to your account.
3. Snap a Pic with my Phone. Shoeboxed has a super fine app for both iPhone and Android. If I am out to lunch with a client or have a printed receipt all I have to do is fire up the app, snap a pic, enter in any details and the receipt is stored with the rest of them. The phone app is one of PC Magazines favorites.
Of course if you want to be old school, Shoeboxed will also send you an envelop where you can mail the actual receipts to them.
Once the receipts are in Shoeboxed, the interface is easy to add details and categorize them.
Now that we are in tax season the reports make life so easy. You can get reports as a PDF or CSV.
Shoeboxed has taken a bunch of stress off of me. I don’t worry about keeping up with paper for years. Patric from PS Blog says that “You should keep important records for at least 3 years, because that’s how far back the IRS goes for normal audits. If you severely underpaid your taxes (by 25% or more), they can even go back 6 years. “ I don’t have to worry about keeping every receipt for all of the fonts that I buy and all of the stock images or whatever I know that it is in the BOX.
What are your favorite tax tips? This is mine. I love it.
**This post contains affiliate links