Deductions, Expenses, Receipts

It’s getting closer to Tax Day. As an Independent Music Teacher/Business Owner, be sure you’re taking advantage of all tax deductions available! Check out this list of 25 Common Business Deductions and Expenses to make sure you’re not missing anything.

Do you ever have trouble keeping track of all those business-related receipts throughout the year? Here’s an idea that’s helped me stay more organized in this area. Place 12 clear sheet protectors in a 1″ binder. Use a sticky label to make a little tab for each sheet protector with the name of each month on a tab. Throughout the year, just drop receipts into the corresponding month’s sheet protector. Make a new binder each year and easily store previous years’ binders until you can rotate them back around again (the above linked article suggests saving receipts for all common business expenses for 3 years).

Here’s a snapshot of my binder:

Share and enjoy!

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