Subcontractors: How do you handle finances, taxes, and expenses? software?

Erik

Erik

Well-Known Member
Joined
Oct 20, 2005
Location
Wilmington, NC
I'm about to start subcontracting and I want to find a good way to keep track of all my finances so i can make sure I don't run into trouble next year at tax time..... i need to make sure i have a way to track my expenses so i can write them off (gas, mileage, tools, etc) also..

what do you guys use to handle this?

i'm looking for help from those who file their own taxes.... if you pay someone else to do your taxes then i'm guessing you just give your tax guy a box of receipts and stubs and such...

-Erik
 
You have got the right idea by staying ahead of the tax situation, I run my own business, and have owed a lot of money at the end of the year in the past, It is better to pay quarterly, and set it up with a good accountant, and let them tell you the ins and outs, b/c that is what they do everyday. When you start getting them big checks, make sure you put some back. I even use Ameriprise Financial, to direct draft a certain amount every month, just in case I need it at the end of the year. And just keep all your receipts of course.
 
yea i talked to a friend of mine a few minutes ago who laughed at me and told me to quit being a know-it-all and just pay someone to do it the RIGHT way and actually save me some money as opposed to me screwing it up and not taking full advantage of the write-off's....
 
You can still do your own accounting and bookwork while paying someone to take care of preparing your tax returns.

I run 2 businesses and use Quickbooks for the accounting. I enter everything myself and reconcile credit cards and bank statements. At the end of the year, my accountant takes my Quickbooks file and can use that data to prepare the tax returns and offer me advice.

I suggest you get setup with Quickbooks or another accounting software. If you can't figure it out on your own, pay an accountant or other expert to show you the things you need to know and get you setup.
 
Just to throw it out here, I am a Quickbooks Professional Advisor and help folks set it up correctly/ support them, etc.

I am one of the owners of www.triadhelpdesk.com and our sister company is Delman & Company CPAs where I also work.

Would love to help you out, can point you out in the right direction if nothing else. Some pretty good advice, I pay an expert to do something that I am likely to screw up on my rig and taxes (especially payroll taxes, 1-200% penalties/fines/interest for screwing those up)

Ok, so now that I threw that out there!! :D
 
thanks for all the advice and the offer... 3-4 years ago i was very proficcient (is that the word?) with quickbooks but i haven't touched it since i quit that job and moved....

i guess it's time to spend some bucks on the software again since the version i have is ollldddd and try to remember how to set it up again... i don't remember it being that hard, but we'll see....

-Erik
 
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