Do you have a system in place for saving relevant receipts for your business? If not, you need to get one. One of the biggest mistakes entrepreneurs make is avoiding saving receipts in an organized manner, which forces them to end up not deducting what could be deducted. This can cause you to overstate your business income, and consequently, you’ll end up paying more taxes.
The best thing to do is set up a system. When you have a procedure to handle receipts, you’re going to be more likely to stick to it. There are apps you can download for your smartphone that will enable you to take pictures of your receipts and save them in a legal and organized way, so that you can get the deductions you deserve.
Regardless of politics, leaving money on the table is not good business practice. Even if you’re not sure at the time of making the transaction and creating the receipt if it’s really deductible, save it anyway so that you can ask a professional or look it up when you do the data entry.
Receipts can provide you with a trail of what you’ve done in your business, what you’ve purchased, why you purchased it, and even how much that purchase returned to you (known as Return on Investment, or ROI). Plus, you never know when you’ll need that receipt. It doesn’t matter if you digitize them or save them in a file folder; it’s important that you save them - especially if you plan to deduct them from your income for tax purposes.
There are many apps just for helping you record your receipts. You can use such an app, or you can use an envelope that you keep with you at all times just for receipts. It doesn’t matter, as long as you have a procedure in place and follow it religiously.
Don’t miss the next email, where we’re going to focus on one of the biggest tax saving things you can do that most small business owners don’t do.
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