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What is the best way to keep track of records for tax time?


Its almost tax time.. i have a bunch of reciepts, but i have no idea where to start with record keeping.. etc, so i can file taxes :(
Ledgers? quickbooks? other ideas please? People with small business LLC experience please?

Try downloading Microsoft Money (60 day trial version) and download all your bank statement for the year in it. then allocate them in different catagories.. like grocery, home improvement etc.

You can also maintain a excel file with all these catagories in them and put the figures in manually. that way you can have total of all the catagories for the whole year. at the time of filing you can simply print out that excel file and present it to your tax consultant.

If you want to file tax return on your own then download programs like "Quicken" etc. but be very careful when you do it for your small business it has to be very accurate.

I prefer doing it by tax consultant. he will help you save some money as he know more then you. you can do your persnal tax return on your own though.

Quickbooks is for people who own a business. You can download a limited time version for free to see if it will do what you need it to. If you are self employed, Quicken for Home and Business might be better. Unfortunately they do not offer a trial version of that one. If you are able to learn computer programming, you might just use MS Office programs like Excell or Access to do your record keeping. It depends mostly on personal preference.

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