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Keeping Appropriate Business Records

 As many accountants, financial advisers, and attorneys will tell you, it is really important to keep good records throughout the year.  However, even if you keep good records throughout the year, it is important to have a book keeper, accountant or tax adviser review your records at the end of the year to make sure every thing is in order.  I can’t tell you how many clients I have had that came to me with tax issues that occurred as a result of bad book keeping, or poor oversight of the accountant or book keeper.
If you are taking deductions for travel, meals, or office supplies, it is important to keep the receipts for those items and to make a note on your receipt regarding who you were with and why.  For more information about the specifics of the tax law changes, please visit our Youtube channel, as we have a whole series coming out in 2018 on all the changes and how they will affect business owners and individuals.
If you intend on taking deductions for mileage, it is important to keep a log in which you write down the date, where you went and how many miles it was.  This process is much easier now that we can map out our travel on Google Maps or some other similar program.  You should keep this log readily available to ensure that you add all travel. 
For more information regarding this and related subjects, please check out www.tibbslawoffice.com.  For answers to common legal questions, check out the firm youtube channel at: www.youtube.com/tibbslawoffice and www.youtube.com/tibbslawofficeKentucky.
TIBBS LAW OFFICE, LLC
1329 E. Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
tibbslawoffice.com

Small Business Law:  Do I Need Any Licenses Or Business Permits To Start A New Business?

Small Business Law:  Do I Need Any Licenses Or Business Permits To Start A New Business?

Top 10 Videos of 2018: #6 With 117  views during 2018, this video was the sixth most watched video of 2018.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com