Happy New Year!
If you’re like me, you’ve likely identified some ways to improve your business in 2015. If better recordkeeping is on your list of resolutions, I’ve put together a few tips to help you keep things in order.
Entertainment Expenses: Recordkeeping DOs
- Keep Receipts - Keep receipts for client/employee lunches, dinners, etc. Entertainment expenses are tax deductible if you have the proper documentation.
- Take Note - Write a note on the receipt that documents what the purchase was for or who you entertained and why.
- Make a Copy – Make a copy or take a photo of your receipts. Receipts fade over time, but you can protect your deductions by scanning or copying your receipts.
Remember that bank/credit card statements aren’t enough. Your credit card statement or canceled check proves that you paid the money. Your receipts show what you bought.
Need help getting organized for 2015. Let’s hit the books together! Email David@DEKEbookkeeping.com to learn more.