Which Tax labels do I need for my home business?
For IRS schedule C/E businesses, start by looking at the actual papers related to your business. For example, you may deduct bills for several services such as utilities, telephone, and internet. Use separate Tax labels for each. For all remaining business receipts, choose labels only for your most frequently used categories, and file all other receipts in Other Business Expenses. This will avoid unnecessary folders. Note: If you use software to categorize expenses, you may save time by filing all business expenses by month or by vendor name A-Z (use blank labels provided or obtain the FreedomFiler Business Template Downloads).