Tip:
Highlight text to annotate it
X
The most important thing is good notes. Unfortunately, for small businesses, that's
where we fall short. We have our businesses...we have our video
business we have a restaurant, whatever it is
We're interested in taking care of our debts. We're interested in filming
We're interested in cooking We're interested in bringing more clients
through our door. the last thing or our agenda is good records.
Unfortunately that's one of our most important pieces there is because without documentation,
we're lost I highly suggest that if you're not a good
numbers person -- find a good bookkeeper
Quicken works well and is easy because you can import your bank transactions -- most
of the time -- directly into Quicken. You set up the categories and it does most
of the work for you. The other thing that's important for small
businesses -- -- esspecially in Florida -- is making sure you keep a good mileage log.
Mileage is 55 and a half cents is your deduction for that now.
That adds up really quickly here in Florida. A lot of us have our cellphones today and
there are some really great apps that are out there
where you can just plug it into your GPS tracking and it's going to record your log.
It's going to show your GPS coordinates, where you left from and where you went to
You have that and the IRS generally isn't going to challenge that
as long as you're going to be able to show your business purpose
The other way to do that ,... I have some people comfortable may want extra
backup, but it works If you're a person who uses your map regularly
-- write it down on your caklendar. Make your (mileage) notes in your calendar
The more you can document, the less the IRS can challenge you.
Documentation is huge!