Forums: Discussions for entrepreneurs and small business.

As a business owner do I need to keep the receipts of all my transactions throughout the year??  I have a seperate business checking account and thought maybe this would be "good enough".  Any thoughts? 

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Travis Tschepen
Hibachi Bros. LLC

--My goal in life is to be as good of a person my dog already thinks I am.--

You sure do. There are many cash receipts that you`ll need to keep and it`s good practice. They all add up as write-offs at the end of the year.

Yeah, I keep all mine. Tax season is always a blast.I highly recommend getting a pro to do your taxes unless you`re good like that. I can barely do my quartely sales tax, and 99% of my business comes from other staes/countries. Anything over about 5 cents boggles me.LOL!

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I know you`ve heard of this before... Pay It Forward 4 Profits Free info on perfecting/advertising your primary business! Mastering Your Primary Business

Great points. I would definitely work on keeping up with receipts. Running a business is a lot of work, but the freedom overe shadows the thought.

Thanks guys.  Sounds like I have another new years resolution. 

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Travis Tschepen
Hibachi Bros. LLC

--My goal in life is to be as good of a person my dog already thinks I am.--

I even keep gas receipts for going to the store to get ink for my printer. Did you know that you can write off a lot of your automobile expenses if you advertise on your car? Here`s my way to do it. I went to Office Max and got one of those DIY magnetic thingies for the door of my truck. Ta da! It`s now a business vehicle. Slap `er on there and you`re all set. Plus you can take it off easily. Much better that getting vinyl all over your vehicle. Get the details from your tax person though. I`m no pro.

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I know you`ve heard of this before... Pay It Forward 4 Profits Free info on perfecting/advertising your primary business! Mastering Your Primary Business

If you have a home based business keep your receipts for mortgage payments, heating, phone, internet, fax,  etc... you can write stuff off from that too.

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I know you`ve heard of this before... Pay It Forward 4 Profits Free info on perfecting/advertising your primary business! Mastering Your Primary Business

Check with an Accountant or CPA  but I don`t think you have to have receipts for things that are under $25.00 but I keep all business receipts...period!  If you are having lunch, coffee, dinner, etc with a client be sure to write a note on the receipt who the client is.  My CPA says the IRS is beginning to frown on these kinds of expenses.  There are TONS of expenses that can be legitimately deducted from your business.  Paying a good CPA is worth every penny.

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Gail Alexander, CEO Setting the Stage

I read something that said having a home based business is about the best/only tax break left in New York. LOL! I live in New York and the taxes are reeeeediculous! Makes me wish I owned an H & R Block, I know they used to get a good chunk of my returns.

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I know you`ve heard of this before... Pay It Forward 4 Profits Free info on perfecting/advertising your primary business! Mastering Your Primary Business

My CPA told me to get a creditcard that I use only for business and charge everything on it.  I pay it in full every month.  Then when the bill comes in, I just match receipts to it and mark on the bill  what it`s for and the bill itself goes to my CPA every quarter and I file my receipts.  It`s the easiest way to keep track of things and my CPA doesn`t get over run with paperwork.  He charges anywhere from $175. to $225. a qtr. depending on how much there is to do and about $600. to do both my business and personal taxes at year end.  Also don`t forget to write down your mileage at the beginning of the year and keep track of all miles you drive for your business.  I do very little with cash so I don`t have that headache to keep track of.  Also you business filing has to be filed in March, not April.

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Gail Alexander, CEO Setting the Stage