🔥 Your Receipt

You may not be aware, but if... Did you know: saving your receipts can help you maximize deductions (see: free money) and avoid costly mistakes. Keeping track of every expense, no matter how small, ensures you don’t miss out on savings that could reduce your tax bill. Plus, staying organized now means less stress later at tax time. If your receipts are more confusing than green confetti at a gender reveal, [get organized with this](. 🔥 Also in today's newsletter: - Do Freelancers Need to Save Receipts? [[LINK]( - Invoice vs Receipt: The Key Differences & When to Send Them [[LINK]( - How to Track Expenses When You’re Self-Employed [[LINK]( Enjoy! Preston & the Millo Team PS: We just extended our free trial to 14 days at SolidGigs. Get 14 days of freelance leads completely free. [Enjoy](. Do Freelancers Need to Save Receipts? Absolutely! Here's why keeping those little slips of paper is crucial: - Documentation of business expenses - Tax compliance and audit protection - Maximizing tax deductions Key tips for receipt management: - Keep receipts for at least 3 years (IRS recommendation) - Organize by year and category - Consider digital solutions for easy storage and retrieval Remember, receipts aren't just clutter – they're your financial proof and potential savings. Whether you choose paper or digital, consistent record-keeping is essential for any freelancer. Want more insights on managing your freelance finances? [Check out the full article]( for detailed tips on receipt types, storage methods, and why your future self will thank you for keeping those receipts. How to Track Expenses When You're Self-Employed Struggling to keep your business finances in order? You're not alone. Here's what you need to know: - 55% of solopreneurs track expenses manually - 44% operate from personal bank accounts - Many miss out on deductible expenses - 81% feel confident about audits, but not unexpected expenses Key tips for better expense tracking: - Consider using expense management apps - Separate business and personal accounts - Learn what's tax-deductible in your industry - Build an emergency fund for surprise costs Remember, knowing your expenses is crucial for understanding your true profitability and staying tax-compliant. Want to streamline your expense tracking and boost your bottom line? [Dive into the full article]( for more insights and tools to make financial management a breeze. Invoice vs Receipt: The Key Differences & When to Send Them Confused about invoices and receipts? Here's the breakdown: Invoice: - Request for payment - Sent before payment - Details work done and amount owed Receipt: - Proof of payment - Sent after payment - Shows amount paid and date Both are crucial for: - Tracking financial information - Tax purposes - Legal protection Key tips: - Use invoicing software for efficiency - Include all necessary details on invoices - Keep receipts simple but informative - Send receipts promptly after payment Remember, good record-keeping is essential for a thriving freelance business. Get your invoicing and receipt system in order to avoid confusion and potential disputes. Want to master the art of invoicing and receipts? [Check out the full article]( for detailed tips on creating professional documents and streamlining your billing process. Whew! If you made it this far—thanks for sticking with us. See you in next week’s issue of 🔥 Freelance Fire. [Twitter]( [Facebook]( [Website]( [YouTube]( [LinkedIn]( Copyright © 2024 Millo, All rights reserved. You subscribed to this newsletter at Millo.co (previously GraphicDesignBlender.com). Thanks for subscribing. Our mailing address is: Millo 265 N Main Street Ste. D #229Kaysville, UT 84037 [Add us to your address book]( Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.