The best problem for a small business is to pay taxes. Tax Tips The best problem for a small business is to pay taxes. www.SmallBusinessSolver.com © 2018
Practice Quiz If you took a potential customer to a restaurant, that would be... If you work from home a lot but have an office, that would be... If you have a car but drive your mother to the airport, that would be... If you call a friend on your office phone, that would be... If you call a friend on your cell phone, that would be... www.SmallBusinessSolver.com © 2018
Learn how to be more organized for tax expenses. Make taxes easier. The Goal Learn how to be more organized for tax expenses. Make taxes easier. www.SmallBusinessSolver.com © 2018
Key Points Date Car Location Entertainment Talk General Example What not to do Your next steps Wrap up www.SmallBusinessSolver.com © 2018
Grab your worksheet and follow along. www.SmallBusinessSolver.com © 2018
Date Stay organized Do a little each day Date Records Sept 1 Sept 2 www.SmallBusinessSolver.com © 2018
Car Personal Car Miles versus Work Car Miles Lease? Bought outright? Repair Insurance Registration Gas www.SmallBusinessSolver.com © 2018
Location Rent or mortgage Utilities Property taxes Repairs www.SmallBusinessSolver.com © 2018
Entertainment Coffees Lunches Breakfasts Dinners Sports games Golf www.SmallBusinessSolver.com © 2018
Talk Landlines Internet Long distance cards Cell phone calls that are business related www.SmallBusinessSolver.com © 2018
General Office supplies Office equipment Services Air Parking www.SmallBusinessSolver.com © 2018
Example Car Location Entertain Talk General Date Personal Car Miles Work Car Miles Lease or Value Repair / Insurance / Registration / Gas Rent / Utilities / Repair / Value Phone / Internet Supplies / Equip / Services / Air / Parking 9/1/09 51 36 354.67 212.00 250.00 - 35.36 40.00 9/2/09 12 42 35.00 20.50 9/3/09 18 30.00 9/4/09 21 33 2.50 10.49 9/5/09 24 26.23 www.SmallBusinessSolver.com © 2018
Top Mistakes To Avoid Spending hours yourself, not a bookkeeper Not collecting receipts Not filing taxes Not paying taxes Not taking advantage of all of the tax rebates and throwing money away www.SmallBusinessSolver.com © 2018
Now What? Retain and collect your receipts Create a single file to put all of your receipts Create a single database Start looking for a bookkeeper Use a bookkeeper after the first three months Adjust how your collect based on bookkeeper’s recommendations www.SmallBusinessSolver.com © 2018
Key Points Date Car Location Entertainment Talk General Example What not to do Your next steps Wrap up www.SmallBusinessSolver.com © 2018
Learn how to be more organized for tax expenses. Make taxes easier. The Goal Learn how to be more organized for tax expenses. Make taxes easier. www.SmallBusinessSolver.com © 2018
Create a tax organization system from day one. www.SmallBusinessSolver.com © 2018