Tax Tips from the Tax Lady

Roni's tips for small business record keeping:

Top 10 Small Business Tax Record Keeping Tips
1	Keep business and personal tax records separate.
2	Open a separate checking account for your business and keep your records accordingly.
3	Keep all records and receipts to support income and expenses claimed.
4	Use a separate credit card for your business.
5	Have a business use mileage log for your service vehicle – and then use it.
6	Avoid cash purchases that do not produce a valid receipt.
7	Reconcile your bank and credit card statements each month.
8	Highlight all long distance business calls on your personal (home) telephone bill.
9	Make sure you get a receipt for everything. If the expense was incurred for business purposes or in the course of producing business income, it is likely tax deductible.
10	Keep all records and receipts in a safe, dry location for future use. Consider a safe deposit box for crucial personal records like birth certificates and wills.