Thank you all for your very much appreciated responses. I am currently trialing Receipt Bank and so far so good. I sent a few envelopes full of receipts to a physical address which they will upload to their platform and i camn then link this to my accounting software Xero. This will tidy up the backlog:slightly_smiling_face:
. Moving forward, all I have to do is take a pic/photograph of a receipt as soon as I receive it(so I do not forget) using their app. They have also supplied me with a personalised email to forward any invoices or receipts I recieve via email. I will update you on how I am getting on in due course. Early days but I’m loving it so far:slightly_smiling_face:
1 Like
One positive thing about having my listings snoozed for most of the year is that the receipt pile is ridiculously small to process this year. The loss of income also punched us into a lower tax bracket. Lemonade out of lemons.
2 Likes
It’s going to be interesting doing my taxes. I’m not sure what to expect. I made $3300 on Airbnb this year compared to $12,000 the year before. I haven’t done my sums on the dog business but it’s probably half of the previous year. But there are a lot of new variables: I changed my witholding early in the pandemic, I got unemployment from which taxes were witheld and I took money out of my IRA. So at this point a refund would be nice but I fear I’ll have to pay. I’ve been afraid to start doing my sums. LOL.
2 Likes
I love the positivity in these difficult times Christine!
1 Like
Hi, Ricky, I try to do everything on line as has been suggested on this thread, and use one bank account for rental income and expenses.
I’d like to hear how your process is working for you down the road. Is it expensive?