Free Bookkeeping Template for Small Businesses

Stay on top of your income and expenses in one place. Come tax time you'll be ready to crush taxes and take advantage of all your possible deductions.

August 11, 2023

As a solopreneur, its critical to keep accurate records of your income and expenses. Accurate records will help you understand your businesses health as well as ensure you are paying the right amount in taxes each year.

Not sure where to start? We've got your back with our free bookkeeping spreadsheet.

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Book keeping basis for freelancers

Income- All incoming deposits to you business should be categories as income and properly recorded.  As a best practice you should set up a separate checking account for your business deposits to go into. This will keep these funds from co-mingling with your personal finances and protect you in the case you ever get audited.

Expenses. Any money you spend on your business considered an expense and will decrease your businesses profit. It can help reduce your taxable income. It is recommended to use a seprate card of checking account for business expenses to keep accurate clean records. With a simple spreadsheet you can accurately track all of your business expenditures throughout the year and categorize them for common deductions. View this list of common deductions

Hang on to your receipts. While you don't need to submit receipts to the IRS, you may be asked for them if you ever get audited. Any expense that you plan to claim as a deduction should have documentation to back it up, whether that’s a paper or email receipt or credit card statement.

Track your income, set aside for taxes and make quarterly payments all in one app.
You can lower your taxes by an avg $6,500/year.
Ruby Money

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