Tuesday, February 17, 2009

Administration

So a quick post. This seems simplistic, but something we do not think about until its too late. Get a large manilla envelope and put any and all receipts in it for tax time. I do not do my own taxes due to company stock and options that make doing my taxes difficult. But any receipts you can maintain as legitimate business expenses can be used to create deductions. A log of miles you drove in your car included.

So the reciept for my protoype supplies are going in this envelope as a legitimate business expense. The books I bought for website building, again a legitimate business expense. i need to create a driving log as well. My car is paid off so the 54 cents a mile the govt lets you write off is quite useful to me.

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