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If you’re a freelancer, keeping track of receipts for business-related expenses can be quite a headache. To help relieve this pain, use one debit card exclusively for all deductible business expenses. At the end of the month, you’ve got a convenient record of itemized expenses with the total amount already calculated. No more sitting in front of a pile receipts with a calculator at tax time!

Thanks to Patrick Au-Yeung, Creative Director at MetaDesign, for suggesting this tip.

3 Comments

  • Pawel Komarnicki

    gravatarJul 31, 2006
    11:39 am

    Brilliant, but simple :)

  • Taylor Wright

    gravatarSep 19, 2006
    8:01 am

    Good idea, does anyone have a list of items they count as deductible that we may normally not consider? My mom (who’s been self employed for 15+ years) was telling me you can take a certain amount of petty cash out every day (roughly 30 dollars) so save your receipts from meals and use that as a deductible. I’m also curious about design books, an perhaps on a limb video games… I’m an interactive designer, seems like video games could be applied to deductibles as a form of professional research. Thoughts? Advice?

  • Bootstrapper » 50 Tools and Resources for Freelancers During Tax Season

    gravatarJan 16, 2008
    4:58 pm

    […] Use one debit card: Lifeclever offers a useful tip to keep track of expenses. […]