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 Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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