Tuesday, April 22, 2014

Keep Better Records by Andy Scheer

What about this receipt from Writer's Digest?” my wife said.

The weekend before Tax Day, I was scanning the spreadsheet of my writing income and expenses, trying to match the entries with the categories in Turbo Tax.

I thought I'd kept good records. On December 31, I'd even recorded the odometer reading for the car I'd driven to some writers conferences.

But as the April 15 clock ticked, I realized I'd missed some expenses, like my subscription to WD. And what happened, I wondered, to those receipts for meals en route to that conference?

Last year I moderated a webinar by tax consultant Gary A. Hensley – brother of writing instructor Dr. Dennis Hensley. The hour's investment saved me plenty.

If you're not familiar with Gary's website “taxsolutionsforwriters,” check it out. You'll find advice you can apply throughout the year.

Come next April 15, you'll be grateful – especially if you remember to keep good records.

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