- Starting a Business
- How To Write A Business Plan
- How to Apply For An EIN
- How to Decide the Legal Structure of Your Business
- How to Form an LLC
- How to Create Your Brand
- How to Find State Licenses and Permits
- How to Name Your Business
- How to Keep Records
- How to Create Your Website
- How to Manage Your Finances
- How to Find Funding
- How to Market Your Company
- Personal Development
- How to Crowdfund
- How to Decide Your Exit Strategy
- Inventing a Product
- Buying a Franchise
- Home Business
How To Keep Records
Keeping adequate records not only helps you get the most deductions come tax time, but it’s required by law. No matter what your system, file folders, accordian files, plastic baggies, make sure you are keeping accurate records and filing them appropriately.
You must keep:
• Sales Slips
• Bank Deposit Slips
• Cancelled Checks
• Other documents to substantiate
Keep a notepad in your purse, car or briefcase to log your mileage to and from client meetings, business lunches or dinners, business gift expenses and receipts for all.
• Business Purpose
• Business Relationship
Enter these into a spreadsheet at the end of every week to keep all expenses organized.
As of January 1, 2013, the mileage rates are as follows per IRS.gov.
• 56.5 cents per mile for business miles driven
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations
How long should you keep these records?
• 3 years after the return is due or filed, or
• 2 years from the date the tax is paid, whichever is later.