I know so many of you out there are fellow bloggers or small business owners like myself. I now officially consider my blog a business. It takes a portion of my time daily, I am earning revenue which I MUST pay taxes on and I do it to help my families financial situation.
Do you blog? Are you a consultant for a home party company? Do you Mystery Shop? Do Online Offers? Earn with Surveys?
If you do, you are earning revenue and you should also be tracking expenses. What about your mileage to and from the shop you did for your Mystery Shop? Do you need your computer to earn revenue for Online Offers, Surveys, etc? What about all those trials you signed up for to earn your Online Offer money? Did you pay postage to mail your documentation? So many things are deductible if you can just remember to track them.
If you do any of these activities or more, you may enjoy this FREE software as much as I do.
Up to this point, I have been tracking everything in Excel. But, the one thing I was not doing was estimating my taxes. This is important BECAUSE......I am sure we can all finish the sentence.
Well, because if we would happen to spend the money earned and not set enough aside for taxes..then we have a problem when the IRS wants their money.
Outright is a free website that you can use to track your earnings, expenses ( this also important so you can DEDUCT at the end of the year thus lowering your tax bill ).
What I like about it is that is estimates your taxes owed as you enter details. So, you can always get a ballpark figure of how much of the money is, well, not yours! :-) Just because you cashed those checks does not mean you get to keep it forever. :-)
In addition, it will put reports together for you that show your profit and losses.
If you would like to take advantage of this free service from Outright as well, and begin tracking your numbers and estimating your taxes, click here for registration information. It only takes a few moments to begin.
Enjoy, enjoy, enjoy!!