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Monday, March 19, 2018

Organization Tip: Expense and Earning Logs #AuthorToolBoxBlogHop


With the start of a new tax year, it’s time for you to implement a good strategy to keep track of all of your expenses and earnings. This is a great way to keep you in your budget as well as organized.

I have a red binder next to my desk with sheets of lined paper where I can jot down every expense, big and small, as well as my earnings, including sales and service fees I make.

In that same binder is an envelope where I store receipts.

For online receipts that I receive through email, I put them in a folder in my inbox. You can print them as they come and keep the emails for backups.
I also use PayPal for all of my writing expenses and for my editing service fees. PayPal is a great way to keep track of what you spend and earn, because PayPal does the work for you. You can use it to double-check your logs and as another source of proof if you lose the receipt email.

When it comes to expenses and tax deductions, keep a careful record of everything. No matter how small.

Here are the things I’ve put in my expense log:

-      Book event table costs
-      Books bought for events
-      Book event SWAG
-      Copyright application fees
-      Business cards, bookmarks, postcards
-      Author banner
-      Formatting fees
-      Illustrator fees
-      Editor fees
-      Website renewal fees
-      Postage for mailing books (Make sure you use Media Mail)
-      eGift cards and giveaway items
-      Ads paid for
-      Award contest fees
-      Book easels for my table at events
-      Money lock box for events
-      Cart or events
-      Desk and bookcases
-      Computer/laptop
-      Printer ink and paper
-      Notebooks and pens
-      Shipping supplies
-      Mileage/Gas for traveling to events

Anything and everything you spend as a writer/author should be added to your expense log. I like to divide my expenses into months and calculate each month’s expense. Then I add those numbers together to figure out the total amount I’ve spent. I do this throughout the year.

By doing these things, you will be able to handle your budget better and be ready for taxes.

QUESTION: How do you keep track of your expenses and earnings?


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