Expenses: allow custom categories
complete
Geoff Mina
complete
This is complete. There is now a "+ Add new" option at the bottom of the category select list.
Geoff Mina
in progress
Dano Qualls
Merged in a post:
Ability to track tax deductible business-related expenses
Erica Harrison
I track my business-related expenses in a google sheet so that I can deduct them come tax time. It would be nice to do this in Hectic so that I could keep it all in one place.
I, like many freelancers, have more than one "skill/trade" that brings in income: I write, and I teach yoga. Both of these roles have various expenses I need to track. The IRS makes you deduct according to the type of employment, so it's best to organize it by role.
So I created a spreadsheet that allows me to track the following for each expense:
- Date
- Vendor
- Amount
- Role (writing or yoga) dropdown (this would need to be customizable in hectic
- Expense category - dropdown that contains expenses specific to these roles (would need the ability to create custom expenses in Hectic for this)
- Item description details - because well... the IRS sucks.
Each category then auto-totals in the box on the right so that I can see how much I'm spending in each category.
I plan to also add a column where I can place the link to the receipt in google docs so that come tax time, I'm not scrambling to find my receipts.
Just an idea. It might also be a good idea to create a Mini Guide content piece for preparing for taxes as a freelancer. Because, omg, is it easy to screw up. I have ONCE 10 years ago and my wallet and I vowed to never let that happen again.
Just some ideas:)
Erica Harrison
... maybe even create a "Tax Hub" where you can do what I just mentioned, but also store all 1099's, W-9's, paid invoice receipts, and purchase receipts. Also maybe include some sort of calculator where you can calculate 28% or 30% of each incoming invoice so that you know how much to set aside for taxes.