Tips For Virtual Assistants to Stay on Track at Tax Time

As the new year begins, virtual assistants who own and operate their own business or who are working as an independent contractor will  need to work on organizing receipts and tax-related expenses. 

  • Did you keep records of your expenses from 2013?
  • Do you have your expenses organized?


If you are having trouble answering either one of the questions above, do not worry…here are a few tips and tricks on helping you get on track for tax time!

Understanding what type of expenses can be applied to your business as a VA, can best be determined by an accountant.  However, here are a few examples of everyday expenses that you should be tracking throughout the year.

  • Telephone call made to contact your clients – whether it’s a land-line and/or cell phone
  • Internet connection in order to communicate with your clients
  • Copier and fax
  • Business cards and any marketing material
  • Did you use a car  to visit your clients – if you did, expenses such as gas can be included as an expense.  Track your mileage as well.
  • Stationary or office product that were used to run your office

Now that you have your expenses figured out, be sure to stay organized!  If you stay on top of the receipts and invoicing throughout the year,  tax time will be smooth sailing!  You can stay organized with the following tips:

  • Categorize your receipts – make a list just for office supplies such as ink cartridges, paper, pens, etc.  This will make it easier for or your account to determine what expenses can/cannot be applied.
  • The use of EXCEL spreadsheets is always helpful, not only for your accountant…but for you as well!
  • Keep your receipts and invoicing in folders/envelopes for hard-copy backups.

Just remember, the more organized you can be, the easier it will be on you when next year rolls around.

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