Organizing receipts for taxes

[Bigfoot]

I wish I could still post a picture. Receipts are covering my dining room table from one end to the other. Approximately 6 inches deep. I've got them sorted, and my oldest daughter is supposed to start putting them in a spread sheet tomorrow. Looks like I quit being proactive on entering things about February. I could stomp myself for not doing this a half dozen times over the past year. Tell the truth, who keeps stuff entered, and who waits til it's over?


Post script:
Farming is really expensive. I got a little sick just looking at some of this stuff.

 

[dun]

Used to do it monthly now it's once a year

 

[kenny thomas]

Your way ahead of me. I will probably do what your doing about April 13th

 

[Davemk]

You could do what I do, stuff them in a box and hire a good accountant to sort it all out. It is worth every penny he charges.

 

[True Grit Farms]

Our house is a mess with paper work this time of year.The boss wants us to keep all the receipts in order, but we'd rather hear her complain. The first of every month she tells us to get all the receipts from the trucks and bag them according to which LLC they belong. A gallon zip loc bag is her filing cabinet for each business. She's really ornery this time of year.

 

[Caustic Burno]

Your way ahead of me. I will probably do what your doing about April 13th

I am waiting on a couple of 1099's and off to the CPA I go. She has been doing my taxes for 40 years, worth every red cent. I have every tax return in a file cabinet in the event she retires.
My brain would most likely explode if I attempted to do mine.

 

[tom4018]

I scan my receipts into Quicken and then put the receipts into a pocket folder for each month. Usually try to enter them a couple times a month. Also keep a spreadsheet so that I can track costs better and I can compare it to the Quicken reports to see if I missed anything. I organize everything by the way Schedule F is, something's I really don't know where to list so I have a separate column and the tax person decides where is goes or if it needs to be expensed or depreciated that year.


They say I save myself some money by having them organized as it saves them time, seems likes I learn a little more every year and get a little better organized.

 

[Bright Raven]

Since I was on a teaching assistantship as a graduate student, I have prepared my own tax return. I have made mistakes. I have never been fined or incarcerated. I am informed of the mistake and told to resubmit. I don't use any computer programs and I file a paper return.

I set up a multiple pocketed folder with the pockets labeled according to the categories used on Schedule F 1040. When I make a purchase, I put the receipt in the appropriate pocket. For example, feed, fuel, utilities, etc. Simple and painless.

 

[TCRanch]

Anal poster child here: info entered & receipt(s) filed generally that day. I do it the old fashioned way on an Excel spreadsheet. Expenses transferred to a Form 4835 & sent to the CPA by the end of Jan.

 

[pricefarm]

I enter all of mine on the computer on a program called Money. I enter them when there's a pretty good pile of them on the computer desk. My dad does has been doing my taxes on turbo tax. I might check around this year and see what a cpa would charge. Between the farm and the rental property's my taxes are getting to be a lot to keep up with

 

[J&D Cattle]

I enter daily in Excel and then print off spreadsheets and take to the CPA.

 

[sim.-ang.king]

I do my best work at the last minute, if that tells you anything.

 

[1982vett]

Quicken user here...note on the receipt it's purpose and make a copy (easier to keep documentation when the are all the same size) I enter several times a week. Make notes on a calendar mileage and activities. Reconcile bank accounts, credit cards, and pay bills monthly. November when the new TurboTax program comes out I go into full tax management mode. Tax management is way more than buying toys to depreciate....I'd scan receipts into quicken like tom4018 but the size of my file would be ginormous....I opened my first bank account in 1969, stared filing a return in 1974....it's all their.

Gotta game the system.

 

[slick4591]

I'm also a Quicken user. I usually enter my numbers pretty soon after I get to my desk. I don't scan anything and I'm not sure if I can having the cheapest version they make. Receipt then goes in the folder. It only takes a couple of seconds to print the numbers.

 

[M-5]

this is the first year that I have not had to spend hours doing my receipts, I downloaded an app that I just take a picture and it uploads it. a few minutes each month to make sure the values are correct and no errors and I done. I printed the report last week and everything is categorized and copies of receipts are also there so no need for hard copies anymore unless your just anal retentive like I am. cost about 60 bucks a year bit it is a legitimate business expense.

 

[Bigfoot]

this is the first year that I have not had to spend hours doing my receipts, I downloaded an app that I just take a picture and it uploads it. a few minutes each month to make sure the values are correct and no errors and I done. I printed the report last week and everything is categorized and copies of receipts are also there so no need for hard copies anymore unless your just anal retentive like I am. cost about 60 bucks a year bit it is a legitimate business expense.

What's the name of the app? Also, some of these receipts are a little hard to read. Does it do a good job on those kind?

 

[Bigfoot]

I guess the "I only buy mineral, and a little hay" crowd have a short stack of receipts?

 

[Chocolate Cow]

I have used Quicken for years. It categorizes everything. I print my schedules off and take to my accountant. I've used the same accountant for many years. Recently, he sent a letter to all his clients that seemed a little troubling. It said he would continue to do individual taxes but wasn't responsible for information given to him. If you got into trouble with the IRS-he would represent you at his regular hourly fee-with no guarantee of the outcome. It was a 2 page liability disclaimer. Sorta makes him a more expensive version of H & R Block.

 

[M-5]

this is the first year that I have not had to spend hours doing my receipts, I downloaded an app that I just take a picture and it uploads it. a few minutes each month to make sure the values are correct and no errors and I done. I printed the report last week and everything is categorized and copies of receipts are also there so no need for hard copies anymore unless your just anal retentive like I am. cost about 60 bucks a year bit it is a legitimate business expense.

What's the name of the app? Also, some of these receipts are a little hard to read. Does it do a good job on those kind?

yes it does pretty good on the hard to read ones. The beauty of it is that it tries and the correction can be done very quickly and you can set it up with the fields you want . It is an expense app call expensify . I buy something I take a pic with the app and shove receipt in the envelope. then when I set down at the pc in a week or 2 months I verify it and selct the category with just a few clicks.

 

[1982vett]

I have used Quicken for years. It categorizes everything. I print my schedules off and take to my accountant. I've used the same accountant for many years. Recently, he sent a letter to all his clients that seemed a little troubling. It said he would continue to do individual taxes but wasn't responsible for information given to him. If you got into trouble with the IRS-he would represent you at his regular hourly fee-with no guarantee of the outcome. It was a 2 page liability disclaimer. Sorta makes him a more expensive version of H & R Block.

Well your accountant isn't doing the accounting. Hasn't seen the bills or income. Just filling forms with information provided so that does make him a glorified H&R.