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Lesson 6: Records and tax time

Ten minutes a week keeps tax season from becoming a crisis.

Separate the money

Use a separate account for business income and expenses. It makes records simple and shows clearly what the business earns.

Track income, expenses and mileage

Log every payment received, every business expense with its receipt, and business miles if you drive for work. A weekly 10-minute update is enough.

Set money aside for taxes

Move a fixed percentage of every payment into a separate savings account for taxes. Self-employed people in many countries pay tax in installments; check your local rules.

Do this today

Open a separate account or folder for business records and log this month's income and expenses.

Mileage deduction calculator