wanderer03
Well-Known Member
How do you do your bookkeeping? Do you setup a spreadsheet or do you use Quickbooks? I was thinking of developing a mobile solution to include being able to scan receipts to help with organization.
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What little bookkeeping I do keep track it on a spreadsheets.How do you do your bookkeeping? Do you setup a spreadsheet or do you use Quickbooks? I was thinking of developing a mobile solution to include being able to scan receipts to help with organization.
How do you do your bookkeeping? Do you setup a spreadsheet or do you use Quickbooks? I was thinking of developing a mobile solution to include being able to scan receipts to help with organization.
Quicken is more geared to bookkeeping, the same activity for which you are proposing to use Excel. Quickbooks is geared more toward accounting. The latter is more necessary when you have employees and/or maintain an inventory of product.Quicken and Quickbooks have a learning curve, and if you don't have any accounting background, this can be very overwhelming...
How do you do your bookkeeping? Do you setup a spreadsheet or do you use Quickbooks? I was thinking of developing a mobile solution to include being able to scan receipts to help with organization.
I've been doing contract work as my exclusive employment means for 12 years now and have never needed anything more powerful than a couple of tabs in an excel spreadsheet. Once you grow in size from an independent contractor or LLC into a C-Corp it gets crazy complicated, but if you're just a single person, contracting & keeping track of a bunch of 1099 stuff it's fairly simple...... My advice: Stay small / Stay simple / Don't employ anyone else !
Would you be willing to share a blank version of your Excel setup?Having been a bookkeeper all my working years prior to self-employment, I just set up my own system on Excel. I only have one other independent contractor to whom I pay a percentage of the fees, so I have no employee issues with which to deal. I typically have an account do my income taxes, and just provide him with all the information from my own books. It's not that expensive, and I'd rather have him answer any questions that might come up afterwards.
Would you be willing to share a blank version of your Excel setup?
Oh okay. I need something transportation-oriented. Thank you anyhow.You know, I wouldn't mind, but I don't think it would be much use to you. It's highly specific to my industry.
Could you draw something up that might work? I'm a big fan of pen and paper bookkeeping? My moleskin sketch book is what use for bookkeeping and everything else I record. My pocket sized note pad is a bit small for that sort of thing.Oh okay. I need something transportation-oriented. Thank you anyhow.
How do you estimate your quarterly taxes?
So then your deductions come at the end of the year? As a trucker, I'm going to have many: fuel, tolls, maintenance, per diem for meals, vehicle mileage, etc. Golly the IRS makes things challenging!Ahh, the great paradox of contracting: The only way to 'correctly' do this is to know for sure (on January 1st) the exact amount of money you'll make during that entire year, crunch the tax bracket that it fits into, calculate your total liability and then divide that by 4 making equal quarterly payments...... The government doesn't seem to care if you make all your money at the start or end of the year as they assume it's evenly & perfectly dispersed and want their cut given to them as such or there's penalties & very complicated interest calculations. Unless I overpay & get a refund, I've never once been able to do this perfectly and/or not get something thrown at me, but it's usually a minuscule amount and not worth arguing over, so here's the formula I use: Every quarter take what you've made to date, multiply by 20% (less what you've already sent in) and that's your quarterly estimated taxes. The key is just to send them 'something' even if you haven't made much yet or anticipate making more later on in the year. This way the compounding interest doesn't pile up too much.
So then your deductions come at the end of the year? As a trucker, I'm going to have many: fuel, tolls, maintenance, per diem for meals, vehicle mileage, etc. Golly the IRS makes things challenging!