Traveling this summer? Don’t forget your receipts. Receipts are the backbone of every tax deduction. No receipt, no deduction.
Receipts can be in the form of photographs, digital images or good old fashioned paper. Or a combination of both. Whatever works best for you. Keep a ziploc bag, an envelope or a digital folder to store your receipts.
Don’t wait until you get home from your trip to think about receipts. Recordkeeping is a daily focus as a business owner committed to minimizing their taxes and maximizing their tax deductions. A daily commitment to recordkeeping!
I can help you find more business tax deductions within your summer travel if you help me by keeping your receipts. Deal? We can do this. Let’s keep more of your hard earned money this year rather than pay it over to the government in taxes because you forgot to keep your receipts.
Now understand that if you are in the unfortunate position where you don’t have your receipts, you can still deduct your expenses but under audit, these expenses may be denied. Let’s discuss which expenses you deduct, your risk tolerance and then the best solution for your situation.
And for some on the road reading, pickup my book, That’s Deductible which will give you more detail on what and how you can find more business travel deductions this year.
Safe and happy travels business owners.