Never let it be said that tax time is fun, even less so when you get a call from the financial advisor/accountant . I have spent the last three weeks tracking down receipts and logs for everything pertaining to my husbands business, he really needs a accountant to keep track of all these things for him, but he settles for me. Got him all set and made the call to the Joe to make sure that everything was in line for making the appointment to get the papers over to him, when he hits me with the whammy.
Background info, my husbands business expanded threefold so he is now a LLC, which requires different rules and regulations on how the paper work is done, basically, no receipt or documentation, no deduction, try explaining that to a DH whos idea of paperwork is to throw it into a envelope and let the paper fairy (me) take care of it, LOL.
The whammy, we will be audited this year because we are running dual self employed businesses out of the same household, so I was told that if there was no documentation, do not even think of claiming it. Which means that I won't be able to take much of anything off in my quilt shop as expenses, but can claim everything in the supply shop, because I have all the packing lists from the suppliers.
We talked and tried to find a way, but I have no idea how much fabric or thread that I used to make a quilt. The one good thing that has come out of this, I went and put project bags together right down to the thread that is being used, and when the project is made and listed, I will be able to take it off this year. Not a bad thing, but when i counted the bags that I am hoping to accomplish, it numbers 20, I think I had better get moving on those projects.