Business Taxes: Ease Tax Prep Burden, Avoid Audit, and Claim More Deductions | BookKeeping Express

1. Keep Good Records
The most important thing you can do to prepare for tax time is to maintain a complete and accurate set of books — as well as adequate documentation. In other words, keep your receipts! Without proper documentation, the IRS may disallow your business expenses. Good record-keeping goes a long way toward ensuring that nothing is missed.
2. Separate Business and Personal Expenses
The IRS scrutinizes personal expenses that may have been claimed as a business expense. Maintain a separate bank and credit card for your business.

Accountant London Ontario

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: