That only took about 75 minutes. I had about six stacked inches of “paper” receipts in manila folders - enough to make most people paralyzed with fear.
Rather than waiting until about October 10th, I just put them all into a spreadsheet using the categories from Schedule C and Schedule A, and entered each receipt in one by one.
I haven’t scanned them in yet, but that I’ll do this weekend when I’m not “working”. Now, they’re DONE. Those folders are HANDLED.
The next project needs to be going through all of the contractors I had helping me out in 2010, and pulling together what they were paid, making sure I have the appropriate W-4 or W-9 with their taxpayer ID information, and get ready to knock out the 1099s before the January deadline.
So, that’s tomorrow’s 60 minute tax task - gather up and process ALL of the information from contractors and organize it for 1099s.