STEP NINE - Review your transactions and make a tax planning appointment with your tax advisor When you have completed the process above, you need to take time to review your income and expenses. If you are using a manual process, seeing your net income might not be a simple click of the button. However, with a tool like KeepMore.net, you simply click on Generate Reports and select the Income and Expense Report, click Generate Report and you have all the information posted and sorted for you.
We make it easy for you to review each income and expense category. Simply click on the drill down icon (the little blue button for each line item) and review what you have posted in each Category. Now you can be sure that you have for each applicable month an eBay invoice, a cell phone charge, etc. You can also see if you have posted all your expenses in the correct category.
If you are using some other tool or manual method, follow a process of review that will allow you to determine if you have thought of all allowable deductions.
When you have finished this review process, it is time for you to make an appointment with your tax advisor to do some tax planning in December - not in 2008 when it is too late.
It is important that now that you are caught up, you continue to set aside time everyday (or at least weekly) through the end of the year to keep your records current through December 31st. Remember your goal was have more time available to generate more income through your eBay sales and to be stress free during the holiday season. Don't let yourself get behind, keep your records current.
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