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of yes, remember those 3 rush jobs when you shipped documents to the clients using Fed Ex? You don?t know where the receipts are, however, it was $17.50 each time. $17.50 x 3 = 52.50
4. Oh yes, what about that time you rented the carpet cleaning machine to clean the office carpet? It was cheaper then calling a professional carpet cleaning service or so you thought! $55.00
5. And don?t forget that your spouse?s boss?s son was selling that Pre-Paid Legal Service that cost $19.95 per month. It is to be used 100% for Business. Ya, I guess! OK, $19.95 x 12 = $239.40
6. Remember that time when the kids at the bus stop broke the office window throwing the football back and forth. You were so upset that you accidentally locked your keys in the office. $180.00 window replacement and $85.00 for a Mobile Locksmith. $180 + 85.00 = $265.00
7. Now, was there anything else besides paying your niece $25.00 a month to pick up the trash around the office building? $25.00 x 12 = $300.00
8. Yes, the Christmas party for the clients. $1500 for the caterer, $480 for the wine, $230 for the flowers and decorations and $350 for the Entertainment. Total $2780.00
The total amount of legal tax deductions listed above is over $5,000.00. Can you afford to loose $5000 worth of deductions?
When you arrived at the Tax office, you forgot about most of the above deductions?no problem, because you had a GOOD Bookkeeper, and each month you fax your receipts, credit card statements and check book register to her. Her Bookkeeping Service provided Monthly reports as well as an Annual Report of your expenditures to your Tax Person. You had nothing to worry about!
Oh, that?s not how it happened?
As it turns out many small business owners do not keep up with ALL expenditures each month. As a result hundreds of dollars and in some cases thousands of dollars worth of legal tax deductions are loss.
Maintaining recording and even faxing or delivering your receipts to your bookkeeper is a habit that can be developed. It is a habit that can reduce your tax liability tremendously.
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