Guides / Set up right
Track income and expenses from day one
Ten minutes a week saves days at tax time.
You need to report all self-employment income, and good records of expenses can lower your tax. A simple weekly habit is enough.
What to record
- Every payment received: date, client, amount
- Every business expense: date, what, amount, and the receipt
- Business miles driven, with dates and purpose
- Invoices sent and when they were paid
How
A spreadsheet works fine for most freelancers. Photograph receipts and store them in one folder by month.
General educational information, not tax advice. Rules change every year. Pocket Change Pros isn't paid by any bank, software company or tax service.