The Quick And Easy Way To Save Tax Dollars
If you want to save money on your taxes it is of the utmost importance that you keep accurate records. And keeping good records will surely help you if you should ever be audited.
5 minutes a day...that's all it takes to save hundreds, perhaps thousands, of tax dollars and put money in YOUR pocket!
Recording your expenses in order to take the largest possible deduction on your income tax is not hard or time consuming.
Little deductions quickly add up to big tax savings. Make it a habit to consistently post your expenses and you will put money in your pocket!
Every little transaction should be posted in your Accounting Software. Spend just 5 minutes at the close of business everyday (or in the morning if that works for you) post the day's (or previous day's) receipts.
Use the following method you will be assured that all your receipts have been accounted for.
Make a folder on your desktop labeled "Daily Receipts" For anything you purchase online, save a copy of that in your "Daily Receipts" file.
Any cash receipts you may have acquired during the day can be kept in a folder at your desk.
Each night (or morning) post" everything in those two files. This should not take you more than a couple of minutes.
After posting your receipts for the day file them on your hard drive in a file called "Tax Back Up Files"
The easiest way to keep your online receipts in order is to put them in a Tax Backup File in files labeled for each month.
Putting a backup on a DVD or CD monthly is a good habit to get into. Keep these backups with your year-end tax records.
Use envelops to keep your "hard copy" receipts in after you have posted them. For ease of retrieval I suggest making monthly envelops.
These receipts will be filed with your year-end tax records. Unless a problem arrives you will probably never have to deal with these receipts again.
Collecting receipts for everything that you do is a good habit to get into!
Did you go get copies that only cost 50, pay cash for them and never post it to your accounting program? If so know that you have just LOST tax dollars. Small amounts do add up over the course of a year!
Save big at tax time by regularly and consistently recording your transactions.
5 minutes a day...that's all it takes to save hundreds, perhaps thousands, of tax dollars and put money in YOUR pocket!
Recording your expenses in order to take the largest possible deduction on your income tax is not hard or time consuming.
Little deductions quickly add up to big tax savings. Make it a habit to consistently post your expenses and you will put money in your pocket!
Every little transaction should be posted in your Accounting Software. Spend just 5 minutes at the close of business everyday (or in the morning if that works for you) post the day's (or previous day's) receipts.
Use the following method you will be assured that all your receipts have been accounted for.
Make a folder on your desktop labeled "Daily Receipts" For anything you purchase online, save a copy of that in your "Daily Receipts" file.
Any cash receipts you may have acquired during the day can be kept in a folder at your desk.
Each night (or morning) post" everything in those two files. This should not take you more than a couple of minutes.
After posting your receipts for the day file them on your hard drive in a file called "Tax Back Up Files"
The easiest way to keep your online receipts in order is to put them in a Tax Backup File in files labeled for each month.
Putting a backup on a DVD or CD monthly is a good habit to get into. Keep these backups with your year-end tax records.
Use envelops to keep your "hard copy" receipts in after you have posted them. For ease of retrieval I suggest making monthly envelops.
These receipts will be filed with your year-end tax records. Unless a problem arrives you will probably never have to deal with these receipts again.
Collecting receipts for everything that you do is a good habit to get into!
Did you go get copies that only cost 50, pay cash for them and never post it to your accounting program? If so know that you have just LOST tax dollars. Small amounts do add up over the course of a year!
Save big at tax time by regularly and consistently recording your transactions.
About the Author:
Karin Russell has owned a small business specializing in income tax preparation for home based businesses for over 3 decades. Her website: Home Business Owners-Reap the Rewards offers more income tax suggestions 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 clients.
posted by Debt Consolidation Loan at
7:27 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home