Your E-Business - The 3 R's - Receipts, Records, Repeat

If this is Home financing for bad credit first foray in the world of a small business owner, you need to be aware of something right off the bat. Keep ALL your receipts, and keep records of all your transactions. You will thank yourself at the end of the year come tax time.

You will be surprised at Prozac prescription all those little receipts can add up over a years time. And every one of them is a potential tax deduction come the end of the year at tax time. Many people just toss away many receipts thinking it's to small of an amount to worry about. But believe me, if you have a profitable year, your tax debt could be quite large. And you will be thinking about all those receipts you threw away.

In addition to keeping all your receipts you are going to want to keep some sort of record of all those expenses as well. There is nothing worse than having a box full of receipts come the end of the year and not having a clue what half of them were for. And with computerized receipts today most times there isn't always a clear description on the receipt telling you exactly what you purchased.

One of the easiest ways to keep track is to write on the receipts as soon as you get it. Just jot down what it was that you bought and what you bought it for. I can't tell you how many times I have just tossed a receipt in a bag or stuck it in my back pocket. Get home and tossed it on my desk or in my inbox to be filed later. Then at the end of the month picking up that receipt and saying "what the heck was this"?, or "what the heck was that for"?

And the final R, Repeat, do it again, and again, and again, for every receipt you get. Every receipt is a possible tax deduction. As long as it was purchased for use with your business, in some way, shape, or form. You will have tons of new deductions with your new business. Even your internet best secured loan fees are deductible. So keep all those receipts and keep some sort of record of what it was and what it was used for, and repeat for each receipt you get!

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Author: Mike Hagerty

I have been working and playing on the web since back in 1995 with my first computer, a Compaq 386, with the "lightning fast" 56k modem, that new fangled windows 95 OS, and my Vampires 40MB hard drive and omg 16MB of RAM! .....my how times have changed.