Common DIY Bookkeeping Mistakes

Many small businesses usually make mistakes with their bookkeeping and their taxes. So what to do to keep your records properly?

• Keep your receipts, they have all the information you need

• Always keep a good record of your miles, it doesn't matter what deduction method will be used. Track the total mileage, and the business mileage used.

• Giving out gifts is a good idea, keeping record of cost, purpose  and recipients is a better idea. 

• Investing in your business equipment? It needs to be depreciated. Keep the records independently of your business supplies.

• Did you know that business traveling lodges are 100% deductible? Unfortunately it is not the same for your traveling business meals, rated at 50%, except if taken at a restaurant.

• Business meals deductions are only at 50% amount, record the purpose, date, time, place and  participants. Only for 2021,2022 you can deduct 100% of your business meals. 

• Planning to deduct expenses for a business office? Don’t forget to  keep good  records of them.

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