Organizing for the New Year

So, today, on your TO DO list; get your 2010 off on the right foot by closing down 2009.

Transfer all of your files for the past year into a banker’s box. Start a file for the mail that will begin coming in that is marked “For Tax Purposes” (statements of giving, statements from interest paid, etc;).

Start all new file folders for the coming year so that as you begin to accumulate this year’s bills, statements, and as you begin to do your parties for 2010 you are ready to go.

Here are the categories that will help keep your filing system organized for this year if you don’t already have a system that works for you:

· January – December: set up one file per month for your orders

· Advertising ( yellow pages, internet ads, classified ads, business cards, logo items, etc;)

· Auto expenses (gas, repair, oil changes, insurance, lease payments, car washes, etc;)

· Product Cost Allocation (products used or given away but not sold)

· Override Commissions (if applicable – depends on your career plan – bonus money paid out from your team)

· Office Expenses and Supplies (printing costs, paper, envelopes, rubber stamps, etc;)

· Business Supplies (catalogs, sales fliers, order forms, etc;)

· Travel (Air, Bus, Cab, Train Fares and Lodging costs)

· Meals and Entertainment (includes conventions, recruiting appointments, out-of-town business expenses)

· Wages, Casual Labor and Outside Services

· Bank Charges and Bank Statements (includes check printing or money order fees)

· Continuing Education (Seminars, Meetings, Conferences, Conventions)

· Postage and Shipping

· Telephone (including cell phone bills)

· Credit Card Transactions

· Credit Card Statements

· Business Gifts

· Miscellaneous Receipts

· Child Care (Provider’s Name, Address, ID/SS# required)

· Home Office Expenses (Insurance, Repairs, Maintenance, Utilities, Yard and Lawn expenses)

· Medical Expenses

· Interest Expenses (Mortgage, Loans, etc;)

· Taxes (Personal property; real estate)

· State Income Taxes

· Business books, periodicals, dues and subscription costs


Close out 2009 by totaling all your expenses in each category, so that you are ready to present your numbers to your tax preparer. By doing this now while 2009 is still fresh in your mind, you will save yourself a big headache when you file your income taxes.

As a certified public accountant I hope this helps everyone to get organized with their taxes for 2009 & 2010

We all goin' to win in 20 10