Many people in business have to do a considerable amount of travel and often the tax authorities will question travel expenses. This appears to be a common area for entrepreneurs and professionals to "cook the books", so the IRS often looks at it very closely. Fortunately, we seem to be well prepared.
It also appears that often small business owners do not maintain adequate records and details. If this is true, that is astonishing, because keeping good financial records is essential. For review,
here are a few items to double-check to be sure you're doing it right:
1. Have a separate bank account, credit card and accounting system for your business and NEVER mix personal expenses with your business. Never buy a business computer and a vacation trip with the same credit card. Never deposit a business payment to your personal checking account. These steps cost very little and could save you heartache and money down the road.
2. Keep every business receipt. You may not always list it in the right account, and your Accountant or the tax folks might quibble about whether it's a business expense, but with a receipt
you have hope. Without it, you got nothing!
3. Never, ever, cheat or cut corners. It just isn't worth it. Over the years there have been unbelievable stories of professional and business owners who should clearly know better, thinking they could either hide income or use a business expense for personal gain. Statistically, you might get away with it, but at what cost?
4. Hire and use a great Accountant! It may cost you a lot to retain the services of quality legal and accounting advice. However, in the long run you give yourself the best chance for making things easy. By following expert advice and doing it right, you will minimize the stress. What a bargain!
It's very easy to go into business, and running a business is easy if you have great systems to track your finances automatically, effortlessly, and accurately. Those systems don't "cost", they
truly pay off in wonderful ways. Follow the basics. There will likely come a day when you'll be delighted you did!
Financial Fundamentals - To learn more about this author, visit Rodger Blaker's Website.
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Rodger Blaker
(Visit Rodger's Website)
Rodger Blaker Coaching LLC
Phone: 214-485-2238
www.rodgerbla
ker.com
Rodg
er@rodgerblaker.com
Rodger is a Professional Certified Coach
who is an expert at creating positive
change in business behavior, working with
solopreneurs and small business owners.
Through a proven coaching process, Rodger
helps very busy, successful leaders to
slow down, reflect, and map out critical
changes they need to make to significantly
grow their business and improve
personally.
Before opening his coaching business,
Rodger spent 25 years working for fortune
500 companies where he gained valuable
leadership experience by working with
senior and executive management as a
senior project manager.
Rodger is a graduate of the CoachU
Certified Graduate Coaching Program and he
is a member of the International Coaching
Federation where he earned his certificate
as a Professional Certified Coach. He is a
member of the ICF North Texas chapter
where he holds the position of Treasurer.
Rodger also holds a certification as a
Project Management Professional or PMP.
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