Here’s your Tuesday Tax Tip!


That shoebox of receipts can seem overwhelming, we know! Before diving into that Pandora’s Receipt Box, make sure you have the necessary tools to make the sorting and organizing process a breeze!

Our faves:

  • Accordion File Folder (13 pocket)
  • Labels for the File Folder
  • Your Calendar- digital or print version (we use this as a reference point later on to check for “missed” or “mystery” expenses receipt)
  • Pen (Non-smudging kind)

Now, it’s on to the digital tools you may want to use!
I like to create a separate folder on my computer, i.e. 2014 Tax Prep, to help organize all the info. If you use Dropbox or another sharing program, this makes it super easy for team members/staff to add to, or for your accountant to access if they need additional information.

  • Bank Statements- download or print all bank statements (including paypal, moneybookers, etc)
  • Invoices- have digital or print copies ready (We’ll get into Income during week 3 so have these handy!)
  • Credit Card Bills- digital or paper copies

If you’re also going to enter your receipts into a program like Excel (which we recommend to help reduce your accountant’s time AND your accountant’s bill!), go ahead and get that set up. We suggest the following columns:

  1. Date
  2. Store Name
  3. Description
  4. Category (We’ll get into that next week!)
  5. Price before taxes (Subtotal)
  6. PST, if applicable
  7. GST/HST
  8. Total

So, that’s step 1! Grab a glass of wine, put on some tunes, and get ORGANIZED- next week we’re diving into common expense categories for the Self-Employed and Small Business owner!

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