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
8845 Governors Hill Dr., Ste 450
Cincinnati, OH 45249
(513) 793-7544
tibbslawoffice.com
