[hazey]

Okay, one more question, and then I'll wait for a response!

I have not started my bis yet, but receipts from everything like for stamps, up to my gas bill if I work out of my home are scattered all over my file sytem(ie: stuffed in various cubbies and at the bottom of my purse!)and would be very hard to locate.

When do you start collecting those receipts? After you register as a business or before?

thanks for any reponses I can get.

 

[weetzie]

I collected all receipts for everything I bought for the business. This was mainly for myself--so I could see when I started to turn a profit.

HTH!

 

[CarrieMF]

You collect everything for the business even if it hasn't officially opened yet.

 

[annethcz]

Yup. What the others said. I started collecting and organizing receipts before I opened for business.

To deduct the expenses, you'd have to file a schedule c (fed. income taxes) for that year.