As I sit in my office this morning I am thinking about what to write for my weekly blog post. As fate would have it, my book keeper is here this morning going through my receipts and balancing my quickbooks account in order to have my records ready for the end of the year taxes. As many accountants, financial advisors, and attorneys will tell you, it is really important to keep good records throughout the year. However, even if you keep good records throughout the year, it is important to have a book keeper, accountant or tax advisor review your records at the end of the year to make sure every thing is in order.
If you are taking deductions for travel, meals, or office supplies, it is important to keep the receipts for those items and I always make a note on my receipt regarding who I was out to lunch with if it is a marketing or networking lunch.
If you intend on taking deductions for mileage, it is important to keep a log in which you write down the date, where you went and how many miles it was. This process is much easier now that we can map out our travel on Google Maps or some other similar program. You should keep this log readily available to ensure that you add all travel. I generally update my travel log every week. I review my calendar to determine where I went that week and this system generally works well.
For more information regarding this and related subjects, please check out www.tibbslawoffice.com. For answers to common legal questions, check out the firm youtube channel at: www.youtube.com/tibbslawoffice.
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