Sentences with phrase «log of your business expenses»

You want to keep a running log of your business expenses, and you want to keep them separate from purchases that apply to your personal life.

Not exact matches

To meet this requirement, a taxpayer should maintain an account book or log (or similar statement of expense or trip sheet) that establishes each business expense.

For travel, the IRS also requires you to keep a written or electronic log, made near the time that you make the expenditure, recording the time, place, amount and business purpose of each expense.

Having left it so long, and having no time to do the work yourselves, your best option is to find a good bookkeeper / accountant and provide them with as much detail as you can regarding the transactions of the business for all outstanding years, especially income deposits (your financial institution should be able to provide you with those records) and expenses (check credit cards, lines of credit, talk to suppliers for receipts, check your calendar to create auto distance logs, etc..)

It's a good practice to hold onto, or scan into a company database, all of your receipts for business expenses; other expenses, such as mileage, inherently need support by other documentation (e.g. travel log).