Tag Archives: business expenses

Track Business Travel Properly If A Car Is Involved

Business travel has always been a godsend when it comes to writing off expenses. Whether you’re driving out of town or you’re all around the area you work in, being able to write off mileage has always been helpful in reducing your taxes.

With that said, something most people might not know is that the rules have changed when it comes to tracking your driving expenses. It might feel like a nightmare because there’s more paperwork while you’re doing it, but come tax time you’ll still get a nice benefit, even if it’s a bit dicier than it used to be.
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Business Expenses You Should Think About Tracking

Even though tax season is almost over, it’s a good time to think about the types of information you’ll want to have available for your accountant next year. Hopefully you’ve taken care of some of the information that’s pertinent since the beginning of the year. If not, you might have lost some of your possible deductions and expenses. Here’s a few examples and ideas for how to handle these items.

business burger

Business Burger!

Let’s look at meal expenses. Whether you’ve had meals with clients or meals when you’ve been traveling, it’s always a good idea to try to save your receipts. Everything you do isn’t covered unless you can indicate why it might be pertinent.
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5 Small Business Expenses Worth Paying For

One of the problems with having a small business is that sometimes you don’t have much of one of two things: time and cash. There never seems to be enough time to get everything taken care of that you want to get to, and even if you’re making money, there doesn’t seem to be enough for everything you need to pay for.

cleaning service expenses
Free-Photos via Pixabay

I can’t help you specifically with the time issue, but I can definitely help you start thinking better about the expenses side of things that actually might help you with time.
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Determining Business Expense Needs Vs Wants

In the last quarter of every year, all companies start to take a look at their income. If they’ve had a profit, they start thinking about ways to spend some of it before the year ends so they can write it off their expenses.

Overall it’s a great strategy. If you haven’t had to spend a lot of money during the year and you have a nice profit, it’s the best time of the year for purchases. You could even possibly save money because many businesses have sales in the last quarter of the year because of the holidays.
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Cameras, Folders, Apps & Paper

As we get close to the time when corporate taxes need to be filed and other taxes need to be calculated, it seems proper to mention that every year many people forget to not only keep their receipts but also to log all the important information they need so they can get proper write-offs to reduce their tax liabilities. We understand how time consuming it can be, as well as how hectic life can be, so we decided it was time to offer some suggestions on what could be helpful… without advertising anyone or any company in particular.

Firefox OS Debut Poland
Creative Commons License Mozilla in Europe via Compfight

Let’s start with cameras. Anyone who has a smartphone these days also has a camera. This means it can be used as a helpful work tool to help record a lot of different types of information that you can use later on to help figure out and track expenses. For instance, it can help you track mileage if you take pictures of your odometer when you start and stop a journey. You can take pictures of meal receipts instead of lugging around a lot of paper. You can probably figure out other ways cameras can help you out, and nothing says you have to save every picture you take. This also allows you to set up a digital file if you’d like to submit your receipts that way; accountants love things like this.

Next, folders. The majority of us pick up receipts, stuff them in our pockets and bags and move on with life. The problem is we get home pull all that paper out of our pockets and put it… somewhere. Later on, we might throw it all away because we forgot what it was or the possible significance of it. We’re not saying to carry folders around with you everywhere you go (although that’s not a bad idea), but it would help if you had a folder or two close to where you put all the paper you pull out so that it’ll spur your mind into thinking about some possible business purchases you might have made.

Back to the smartphone thing. There are a lot of apps out there that can help you track receipts, mileage and expenses. Some are free while some you’ll have to pay for. We haven’t spent a lot of time evaluating these which is one reason we’re not recommending anything, but we have noticed that there seems to be a generational gap as to who likes using these more than tracking information in other ways. Still, it’s something to think about because it might help.

The last thing to talk about is good ol’ reliable paper. One of our clients carries around a 3×5 index card notebook to capture mileage, write down where he’s been when making business purchases and highlight other information in case he forgets to log it all into a calendar. Other people carry steno-type notebooks, full folder folios or planners with them. These are all great… just try to remember not to throw away the pages in case you need to refer back to that information for your end of year expense calculations. 🙂