Painless Way To Save Hundreds of Tax Dollars
Keeping accurate business records is essential if you want to save tax money and have adequate records in case of, heaven forbid, an audit.
Keeping your business records can be accomplished in as little as 5 minutes per day. And what a reward come tax time. You could save hundreds or even thousands of tax dollars and pocket the money instead of giving it to Uncle Sam!
The amount of time it takes to record your expenses if done on a consistent basis is less than 5 minutes a day and is not hard.
Make the following a habit and you might be surprised how quickly little things add up to big tax savings and more money in your pocket!
You need to record EVERY transaction into your Accounting Software. The easiest way to do this is spend 5 minutes every night or morning and "post" the days receipts.
One way to make sure you have all the receipts "posted" is to use the following method:
Make a folder on your desktop labeled "Daily Receipts" For anything you purchase online, save a copy of that in your "Daily Receipts" file.
Cash receipts should be put in a folder on your desk.
Post these 2 files daily and it should only take you a couple of minutes.
File your online receipts that you have posted in your "Tax Backup Files"
To keep up with your receipts it's easier to file them by month in your "Tax Backup File"
Back up your "Tax Back Up" folder monthly. Put them on a DVD or CD and file them with your tax information.
For your "hard copy" receipts keep monthly envelops to file "posted" receipts in.
That's it! Receipts are posted, filed and will in all probability never be needed again.
Collecting receipts for everything that you do is a good habit to get into!
Over the year a lot of little deductions can cost you tax dollars! For instance did you go get copies for 50 cents and fail to post it in you accounting program. That's lost tax dollars!
Regular and consistent record keeping will pay off for you at tax time guaranteed!
Keeping your business records can be accomplished in as little as 5 minutes per day. And what a reward come tax time. You could save hundreds or even thousands of tax dollars and pocket the money instead of giving it to Uncle Sam!
The amount of time it takes to record your expenses if done on a consistent basis is less than 5 minutes a day and is not hard.
Make the following a habit and you might be surprised how quickly little things add up to big tax savings and more money in your pocket!
You need to record EVERY transaction into your Accounting Software. The easiest way to do this is spend 5 minutes every night or morning and "post" the days receipts.
One way to make sure you have all the receipts "posted" is to use the following method:
Make a folder on your desktop labeled "Daily Receipts" For anything you purchase online, save a copy of that in your "Daily Receipts" file.
Cash receipts should be put in a folder on your desk.
Post these 2 files daily and it should only take you a couple of minutes.
File your online receipts that you have posted in your "Tax Backup Files"
To keep up with your receipts it's easier to file them by month in your "Tax Backup File"
Back up your "Tax Back Up" folder monthly. Put them on a DVD or CD and file them with your tax information.
For your "hard copy" receipts keep monthly envelops to file "posted" receipts in.
That's it! Receipts are posted, filed and will in all probability never be needed again.
Collecting receipts for everything that you do is a good habit to get into!
Over the year a lot of little deductions can cost you tax dollars! For instance did you go get copies for 50 cents and fail to post it in you accounting program. That's lost tax dollars!
Regular and consistent record keeping will pay off for you at tax time guaranteed!
About the Author:
Karin Russell has owned a small business specializing in income tax preparation for home based businesses for 36 years. Her web site: Home Business Owners-Reap the Rewards offers more income tax tips for home business owners. She highly recommends the book 'It's How Much You KEEP, That Counts! Not how much you Make' for all her customers.
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