Lathe Tool of credit through your bank

If you do not break these costs down then your bookkeeper will have to guess and this could mean you will end up paying more taxes than you should.

On every invoice you fill out break down the costs of material and labor. Keep a couple of pens in your glove compartment as well. If you happen to go to a store and need to buy personal items as well as business items then tell the clerk that you need him/her to ring in the orders separately. The same goes for making purchases for your company. Do not make purchases on your personal credit card for your business if you can help it. While you do have to pay taxes on the materials you use as a handyman you do not have to pay taxes on what you charge your customers for labor. You will need file folders for a variety of purposes. This will help keep your record keeping in proper order. Keep the newest documents at the front of the folder and the oldest documents at the back. Be aware that unless you record your mileage you will not be able to deduct it when tax time rolls around.

You may find in time as your business grows that having a credit card would come in handy. Instead apply for a business credit card or a line Lathe Tool of credit through your bank. Visit an office supply store and purchase a notebook to use as your mileage log as well as a set of file folders. When you leave each job record the reading again as well as the name of the individual and address where you completed the work. Make sure that your income from your handyman jobs goes into the business account. Many of the things you need to do are simple and do not take a great deal of time. Keep your personal finances personal and vice versa.Record keeping is essential for every handyman. Open a separate business checking account and get a debit card for this account, just as you do for your personal checking account. However they can pay off tremendously in the long run!

Once you decide to go into business you need to separate your personal finances from your professional ones. Take the notebook you bought and keep it in your vehicle at all times. Label each of them as follows:

- Bank statements
- Insurance papers
- Tax documents
- Business related receipts
- Overhead expenses (such as your telephone and vehicle repairs)
- Client invoices and payment records
- Odometer records
- Licensing documents

Every week at the end of the week it should only take you about 10 to 15 minutes to file your papers into the appropriate CNC Straight Shank folders. Before you leave for a job record the reading on your odometer in your book as well as the date. The same rule applies here. .

Get organized. When it comes time to sit down with your bookkeeper or a CPA you will be glad that you took care of the basics of your small business.

Every handyman should have a mileage log. At the end of your day record the reading. Use the credit card for business purchases and nothing else