Having simple, but effective, methods of record keeping for your business (and family) and save, save, save in book keeping and CPA fees.
If you don’t already have a system in place, try mine.
SMARTcutTM Solution: I use a 1″ three-ringed notebook binder with divider tabs for the categories I need itemized on my tax return. Inside each section is a sheet of notebook paper to record the date, expense and amount and a clear page protector to hold the recorded receipts.
At the end of the year tally each page with an Excel spread sheet (the computer does the math). Give the CPA the totals and save paying for hours of book keeping. Best of all, I feel confident that the numbers are correct.
P.S. My niece scans her receipts monthly to a CD for permanent storage with her tax records. There are also receipt scanning services.
If you are feeling overwhelmed and ready to put things in order? Contact me now 801-446-8372 (MST) to schedule your FR*EE phone consultation.
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