Make Sure You Are Tracking Your Expenses And My Stylist Expense Tracking Spreadsheet Giveaway

I’ll admit that I’m very much detail oriented and a bit of a number cruncher. Fortunately, this works out for the girlfriend because I actually enjoy the buzz and positive stress that tax time brings making sure everything gets wrapped up and filed away. Having run my own business for the past several years, I have a number of system that help keep me organized.

I thought I’d share this post since I know there are a lot of Stylist’s out there that operate this more of a hobby than a business. While there is certainly nothing wrong with that, it’s possible you might not be tracking your expenses as best as you could – which is probably costing you money come tax time. Even if you do not have a registered business, you can still deduct expenses from your commission income. Keeping a detailed record of your expenses every month is a great way to save money at the end of the year.

Depending on what country you operate in, expenses such as up to 1/3 of your rent or mortgage payment, your Internet and phone bill, etc. can all be paid in before-tax dollars as a business expense. You can even expense a trip every year if you decide to go to Hoopla. This can save you upwards of thousands of dollars every year in taxes that you do not have to be paying.

Some of the expenses that you should be tracking that you might not be, include:

  • Half of your coffee/meal expenses if you take a potential Stylist out for dinner/coffee.
  • Your monthly meeting expense if your Stella & Dot group meets somewhere that there is a charge involved.
  • The milage on your vehicle when you use it to drive to trunk shows.
  • The taxi fare that you spend when travelling to trunk shows if you don’t use a vehicle.
  • Your family’s printer ink that you use to print out promos for trunk shows.

And the list goes on. There are some obvious charges involved with Stella and Dot that most people will record, but there are some that get lost in the hustle of every day life – and that’s where the real savings are.

To make your life easier, I want to share the expense tracking spreadsheet that I built for my girlfriend that keeps her organized when tracking her expenses. If you set aside 30 minutes every month to fill in your expenses and file away any receipts, etc. you will thank yourself (or your accountant will thank you) when you need to file your income tax returns.

To get your hands on a copy of my spreadsheet, simply join my mailing list below and it will be emailed out to you. I should make a little note and disclaimer that I am in no way an accountant or tax professional. I’m just someone who has had to file a self-employed tax return for the past several years.

If you have any questions or wanted to share your experiences and tips with expenses, please leave a comment below – I love hearing from you.

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About Adam

Adam is a young entrepreneurial-spirited business owner who loves all things web and blogging, and enjoys helping individuals live an awesome life. His girlfriend is a Stella and Dot Stylist and these are his ramblings as The Stylist's Boyfriend. Connect with Adam on Google+

4 Responses to Make Sure You Are Tracking Your Expenses And My Stylist Expense Tracking Spreadsheet Giveaway

  1. Charlene October 13, 2012 at 11:52 pm #

    Hi Adam,

    I am planning on becoming a stylist in the not so distant future and have joined to receive your updates by email. I was actually working on setting up my own expense tracking spreadsheet, and would love to see what you have set up. How do I get access to this? Can you send me a copy by email. Thanks,

    Charlene

  2. Adam October 16, 2012 at 3:56 am #

    Hi Charlene,

    I sent you an email last night. Let me know if you have any other questions.

    Adam

  3. Grace October 24, 2012 at 3:04 am #

    Thanks for your tips. Your blog gives great insight from a different perspective. Would appreciate if you could email me your spreadsheet. are you from the US? Is this applicable for Canadian taxes?

  4. Adam October 27, 2012 at 7:29 pm #

    Hey Grace, you can download the spreadsheet from the welcome email of the newsletter on the bottom of this page (or my about page).

    I’m located in Canada, but this spreadsheet is simply for tracking your expenses, so it would be applicable regardless of your location. You will simply need to file the proper info on your T-2125.

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