To simplify some of the bookkeeping, have a separate checking account and credit card for the business. It helps when it comes time to remember what is personal and what is business.
The income goes into the business account, the parts, tools, inventory, postage all are paid via the business credit card.
I use Quicken to download all the financials from both the personal account and the business account. If you categorize the expenses, Quicken will do a great report at the end of the year.
It will also import into TurboTax. Though I use TurboTax, I don't use the import function.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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