I am self employed. I’ll bet there is a really good chance you are too. My good friend the Digital Marketing Diva – aka Julie, posted some terrific information on her blog recently which I would like to recommend to you if you are self employed and/or work from home. Here is a quote from her blog:
“Every person who works from their home should have a tax diary. This diary shows that you are working to make a profit. This is especially important if you are an independent contractor for any type of MLM, or network marketing company. It shows you are in business to make money; that you are not just a hobbyist who happens to make a few bucks.
A tax diary keeps track of WHO, WHAT, WHERE, WHEN, and WHY you conduct business. Work can include calls to clients, business lunches, time spent paying bills, and of course time spent writing on your blog. It also includes thinking time while you come up with great digital marketing ideas, or research time spent to see if you want to be an affiliate for a certain program.”
Getting audited would be a nightmare. Not having your information together would multiply the misery exponentially. The Tax Man is just about the scariest monster I’ve ever heard of, how about you? Read the rest of Julie’s advice here.
22/10/2009 at 8:57 pm Permalink
I really enjoy reading this blog! You always have great and encouraging ideas for business growth. The fun and creativity you bring to your blog is refreshing. I look forward to reading each new post!