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You are here: Home / Finance / What Is the Best Way to Organize Receipts for Taxes as a Freelancer?
What Is the Best Way to Organize Receipts for Taxes as a Freelancer?

What Is the Best Way to Organize Receipts for Taxes as a Freelancer?

September 1, 2019 By Cade Hildreth Leave a Comment

What’s the best way to organize your receipts? Since I’ve been an entrepreneur since I was in my early 20’s and now own multiple businesses, this is a question I’ve often asked myself. Another little known fact about me is that my dad (now retired) is a Certified Public Accountant (CPA), so I think a lot more about taxes than the average person.

As a freelancer, it’s vital that you save and keep track of all of your receipts. Having these receipts come tax season means you’ll be able to deduct those expenses. If you don’t have all of your receipts when it’s time for taxes, then you could be missing out on some savings.

However, saving all your receipts in a single drawer isn’t going to help you much. You need to know the best way to organize receipts to optimize your savings come tax time. Continue reading below for a few ideas of how to do just that.

Keep Copies

Because you’re a freelancer, it’s your responsibility to keep track of all of your income, expenses, and receipts for anything else as well. You’ll need proof of everything and this comes in the forms of copies, not notes or records. Keep copies of everything.

This includes your receipts, checks, invoices, and more. Make both physical copies and digital ones. Keep the physical copies in an organizational binder or drawer.

Keep your digital copies on your mobile and at-home device for easy access no matter where you are.

Separate Business from Personal

Now that you have copies of everything, you’ll need to separate your business receipts from your personal ones. One great way to do so is to have a separate credit card for your business expenses. A good time to invest in a credit card specifically for your business expenses is about one year after you begin freelancing.

You’ll find this tip to be very helpful for keeping personal and business expenses separate. Do keep in mind that if you have your personal card linked to any account such as Amazon, then you’ll want to link your business card to these accounts as well. This way you don’t accidentally charge your personal card for business expenses.

You can also consider creating your own spreadsheet to keep the two separate.

Use Categories

Instead of waiting until tax season to begin placing your receipts into categories, know and use these categories while organizing your receipts now. For example, if you file your taxes online using a tax filing tool when you get to the deductions section, it’ll list several different business expense categories. These categories might include office supplies, transportation expenses, advertising, and more.

Know what these categories are and begin placing all receipts into the correct section as you receive them to save yourself time and stress.

Utilize Excel

Although Excel isn’t something that’s taught as much in school, it’s an effective tool for documenting your receipts. You can also use Google Spreadsheets, which works just as well. These tools allow you to create columns for your expenses such as travel, office utilities, marketing, office rent, and more.

When using these tools, however, you’ll still need to have backup copies of all your receipts. These tools help you organize the expenses, while the physical receipts show proof.

Utilize Technology

Advances in technology surprise us every day. With that being said, you should consider taking full advantage of the technology created to help you keep track of your expenses. An app like Shoedboxed is one tool that works on your mobile device and on your desktop.

This app has features that allow you to take a picture of your receipts and then records and categorizes them for you. Another great feature is that it also tracks the miles that you travel for work each day. If you have a large number of receipts and the thought of taking a picture of each and every one of them is overwhelming, then you’re in luck.

For an added fee, you can send all of your receipts out to the app’s headquarters. Here they’ll do all of the dirty work for you. They’ll record them and categorize them into a spreadsheet!

Go Old School

The last way that you can organize your receipts is by going old school. That’s right: a pen and paper. This way doesn’t keep your records as neat as the other options, but some people don’t care for technology and like to avoid it when possible.

To go old school, you can purchase a spiral notepad and tape one receipt to a page. On the page, be sure to add any important notes about the receipt. If your receipts are a bit crumbled and out of shape, you can copy them with a copy machine and place the freshly printed receipts into a notepad or in a filing cabinet.

Don’t Wait Until It’s Too Late

No matter which idea you’d like to use, it’s important that you don’t wait until it’s too late. Start sorting, categorizing, and organizing your receipts as soon as possible. Don’t get used to throwing them into a bin or pile and telling yourself you’ll come back to them later.

By the time tax season comes and you have no choice but to begin sorting, it’ll be quite overwhelming. With that being said, whenever you have any type of business expense, put it in its rightful place immediately. It’s a task that only takes a couple of minutes but will save you much more down the road.

Know the Best Way to Organize Receipts!

Do you know the best way to organize receipts as a freelancer? I hope that you have some good ideas of how you want to start organizing after reading this blog.

Most importantly, keep your business separate from personal expenses, make copies of everything, and find the tool that works best for you.

If you found this topic helpful, then you’ll enjoy reading other posts on this blog.

Let’s Get Connected

P.S. Above all else, I value community and connection, so let’s connect Instagram (@CadeHildreth). This will let me share in YOUR world too.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

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Or, listen to Cade’s articles on the go as a Podcast.

Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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#lgbtqfamily #nonbinary
How to set a boundary? 🤔 . . . . #lgbtqia #lgb How to set a boundary? 🤔 
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#lgbtqia #lgbtqcommunity #emotionalhealth
What do you do if you’re telling a past story ab What do you do if you’re telling a past story about someone who has transitioned? 🤔 Share a 💯 if you agree ➡️🏳️‍⚧️🏳️‍🌈
7 things I got clarity on in 2022: 1. Good and b 7 things I got clarity on in 2022: 

1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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