The dreaded mess is nearly done for 2011. I’m waiting on Settlement Sheets from one company for December to have an accurate income figure.
My “anal” side is happy 😀 Everything in order and filed away.
Just a couple files left over for 2011 that have no income documentation. Since I’m totally crazy these won’t be filed away until they are REALLY finished.
Once I get the necessary documents I can then put these bins in the stack with the rest of the years I have on hand until I can shred them.
For now, I’m totally stoked that the bin under my desk is EMPTY. It is ready for 2012….I’m not ready to dive into this mess once again.
I suppose you are wondering why I’m so fanatical about this paperwork. Our son didn’t keep track of his expenses a few years back. He learned the hard way when he was socked with a tax bill of $14,000. He liked to have choked. We will be paying taxes, as we do every year, about $3,000 for Federal and a little over $1,000 for State taxes.
The day to day operations of this business are pretty much the same as what you have in your daily life. Except ours are sometimes on steroids 😀
Fuel for 2011 was $36,087.47. That is the diesel fuel we put in the trucks to get them delivered plus the fuel in our deadhead expenses.
Lodging for 2011 was $11,795.56. While we are on the road we stay in hotels every night. Most of the trucks we deliver don’t have mattresses in them. Those that do are covered in black grease or they are so filthy and stinky from sweaty bodies and my phobia of creepy crawlies gets the better of me. I spend days scratching my head and am positive I have head lice. This doesn’t count the numerous spider bites I get yearly just from driving.
Meals for 2011 was $11,665.39 with Tips that I can actually document are $1,301.02. We put cash down most of the time and I forget to write it on the receipt 😦 Truck stop food is an everyday occurrence with a good restaurant from time to time when we are deadheading to the next load.
Equipment Repairs for 2011 was $5,649.38. This includes my boom breaking and having to be repaired last May or early June. There is always something in this business.
Repairs and Maintenance on the pickup in 2011 was $2,083.26. We have a 2002 Ford F-250 with well over 350,000 miles on it. Gladys is what we depend on to do this job and she has to be very well maintained.
Our total expenses for 2011 were $86,649.95. This figure includes tolls, permits, medical, clothing, bank fees, faxes sent, photocopies made, FedEx postage fees, office supplies so I can keep track of this ungainly mess, vehicle insurance, oil testing to keep on top of the wear on our pickup engine, cell phones, and supplies like bolts and hydraulic hose replacement.
We put $15,484.43 back into our business last year. Not all the income we made was kept for ourselves.
The income we made last year sure does look good. Sitting at $95,250.93 while I wait for the remainder of the Settlement payments. Take the expenses out of that income and we made a grand total of $24,085.41 that we will be paying taxes on for 2011.
I have about 300 hours of data entry over the course of last year keeping control of this massive job. To say that I hate this task is an understatement. It is something that HAS to be done. Anyone that is in business for themselves must do this. If you don’t keep track of all the little slips of paper you won’t know how good or bad your business is doing.
If you rely on an accountant or a bookkeeper to do this job for you….well you might as well pucker up and begin to whistle a tune. Ain’t gonna happen. They don’t have the time, nor the desire, to go through all the pieces of paper and pigeon hole each one. Especially when they have numerous clients that are just as needy as I am in getting this crap filed.
I am awaiting bank statements to finish December 2011, the 1099 forms from the various companies we worked with last year, and the last of the Settlement sheets.
Until these things arrive I’m free to now spend my days in my craft room. My housework is done. Every room has been cleaned so now it is just the maintenance of dusting and vacuuming and a bit of laundry during the week.
Outta my way, I’m coming through 😀 Time to go play 😀
I’m taking an online class at my local community college again this year. Last winter I took a class on Basic HTML to create my crafting website. This year I’m taking the next class which is CSS and XHTML to give my website a kick in the pants 😀
If you want to know what I’m doing check on my other blog – Message In A Fold – to see the crafting things I’m doing. Gotta have something to do to keep busy 😀