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When tracking your business expenses, you can best do this through organization and attention to detail on a daily basis. This makes it easier for you to deal with receipts, expenses and adding things up when tax time rolls around.
The easiest way to organize your receipts and tracking your finances is not to install the most advanced adt home security but to keep a basic notebook that you can glue them into. Next to each receipt, write the time, date, where, amount and business purpose of the purchase. This gives you a running record of expenses that can easily be pulled out if needed. If you do not want to glue receipts, you can scan them onto your computer and file them in different folders such as supplies, travel expenses, utilities and so on. You can then enter the amounts into a spreadsheet, which can quickly add them up for you.
Keeping track of mileage is a snap if you use a simple vehicle mileage book that can be purchased at any office supply. This allows you to track not only mileage, but also car maintenance and repair costs. You can add them up at the end of the month and record the figures in the book. At the end of the year you can add up the totals in a only a few moments. Some of these even feature pockets for each month that you can put receipts into.
When you take the time to track your expenses, you can cut quite a bit out of your end of year tax bill and keep more in your bank account.
