Start saving every single operational expense receipt so that you can claim your self-employed/business expense deductions on your federal taxes (U.S. Residence) when it’s time to file. Be sure to do your own research so you know what tax forms you need and what deductions you qualify for. Visit the IRS website to start your research.
If crunching numbers and researching deductions gives you a headache, you can always retain the services of your favorite CPA (Certified personal accountant) to handle your taxes for you.
And yes, you do have to file/pay taxes, it’s the law.
Storing Your Receipts
You’re going to want to keep your receipts dry so none of the ink smears and out of direct light so the ink doesn’t fade. Below are a few options that might work for you.
- A sealable container that doesn’t let any light in.
- A filing cabinet and file folders.
- A briefcase or sealable bag.
Tip: Make sure that you have a designated area in your rig just for business-related documents. Staying organized is very important.
Be sure to review all our resources. Don’t skip anything we outlined there. We know it’s a lot of reading, but you’ll be thankful you read it all later.