Stampin’ Up! Demonstrators- Get ready for taxes: Part 4 of 6

(Written by Tania Kronberg, co-founder of Stampers Profit Pal)

This week – we'll be continuing the steps to organize your finances and get ready for tax time with your stampin up business. Congrats to all of you who completed Part 1, 2 & 3!!

This week we will tackle direct expenses that you have that are NOT through Stampin' Up! Direct expenses are things that you obviously need to run this business- they include things like supplies, room rentals and internet services.

Step 1: Pull out that shoe box of expenses and start organizing by month, put them in your file folders.

Step 2: Within each month, group things together by Operating Expenses (office supplies, internet costs etc), Training (Business coaching, planners you purchased etc) & Travel (Airline, Hotel, Car Rentals etc). Use the category list in Stampers Profit Pal as a checklist to make sure you are remembering all your possible direct expenses. Tip: mouse over the red triangles on many of the categories to see tips about them. Once you have entered your direct expenses into Stampers Profit Pal, staple the receipts together and file them in your file folder. Repeat for each month.

OK Ladies- this is the golden moment- take a look at your summary page in Stampers Profit Pal!! How's your business doing? Are you green or red? Next year, make a plan to decrease the red or increase the green!! Let Stampers Profit Pal help you make those decisions!

Next week- Indirect Expenses.

 

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