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Do you save every receipt?

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  • #16
    Save them all, no matter how small they are. You dont wanna pay taxes on money you spent to run your business. They all add up at the end of the year. Another thing I learned a couple years ago after already being in business for several years is to keep track of your gallons of equipment fuel, I dont know if its the same for every state but I know the in Michigan we get back the money we spent at the pump on road tax. I have my accountant take care of that now but I think its something like .19 cents a gallon you get back, that can really add up at the end of the year.

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    • #17
      WOW How big of fines are we talking here?

      Do you feel your friend wanted out of the business anyway and this just made it easier for him to decide or was this just one big knock out?
      Steve, he never told me the amount he had to pay, but I know it was a pretty big fines. I don't think he wanted to quit his business, but he was very very careless in how he ran it. I mean he'd make major purchases and tell me about them, and then he'd throw the receipts away as if it wasn't a big deal. He constantly overdrew his business account, made purchases on personal credit cards, took out payday loans to pay off bills....it was a total disaster. I tried to give him advice, but he learned the hard way because he was so stubborn.

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      • #18
        These are good lessons for us all to learn and keep aware of.
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        • #19
          receipts

          this is from a system that i use

          'Letís face it, paper receipts are a hassle that quickly get shoved into a wallet, crumpled, and lost. Now that we are in the 21st century and even the IRS accepts digital copies of receipts we are left wondering why anyone gives out paper receipts any more? No matter where you are, Expensify provides the right tool for the job:"

          then you don't have to keep them. take a picture of the receipt right away and off you go

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