Track Your Expenses - Using a Receipt Book

Spring is here and every weekend will be filled with possibilities!

Garage sales offer some great finds for furniture painters at rock bottom prices. Watch the buy/sale/trade sites for good deals as well. As people are spring cleaning and moving they practically give away nice furniture pieces.

Before you go garage selling you need to pick up a receipt book! They are available in the stationary section at most stores. Any generic receipt book will work. The cheaper the better!

When you purchase and pay cash for an item from a garage sale or buy/sale/trade site you need to track the basic information as this is a tax deductible expense for your business. To take these deductions it's important to have good records to back it up.

Basic information you need to record:

Date

Description of Item

Price Paid

Method of Payment

Address or General Location

Name of Seller (if possible)

Signature (if possible)

Total up your purchases at least once a month and record them for your taxes.

Remember to take your receipt book to garage sales, flea markets and purchases made from buy/sell/trade sites.

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