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Sunday, February 8, 2009

The Quick And Easy Way To Save Tax Dollars

By Karin Russell

If you want to save money on your taxes it is of the utmost importance that you keep accurate records. And keeping good records will surely help you if you should ever be audited.

Keeping your business records can be accomplished in as little as 5 minutes per day. And what a reward come tax time. You could save hundreds or even thousands of tax dollars and pocket the money instead of giving it to Uncle Sam!

Getting the largest possible deductions for your business need not be time consuming or hard.

Following good habits like those that follow will reward you in more deductions on your income tax and thus more money in your pocket!

You need to record EVERY transaction into your Accounting Software. The easiest way to do this is spend 5 minutes every night or morning and "post" the days receipts.

Use the following method you will be assured that all your receipts have been accounted for.

For any purchases online save your confirmation of purchase in a folder on your desktop called perhaps "Daily Receipts"

If you have paid cash for anything be sure to get a receipt and put it on in a folder of your desk.

Post these 2 files daily and it should only take you a couple of minutes.

File your online receipts that you have posted in your "Tax Backup Files"

Keeping your receipts by month in your "Tax Backup File" will make them easier to access.

You will want to back up these files at least monthly on a CD or DVD to keep with your year-end tax information.

Use envelops to keep your "hard copy" receipts in after you have posted them. For ease of retrieval I suggest making monthly envelops.

That's it! Receipts are posted, filed and will in all probability never be needed again.

Get in the habit of collecting a receipt for everything you do!

Over the year a lot of little deductions can cost you tax dollars! For instance did you go get copies for 50 cents and fail to post it in you accounting program. That's lost tax dollars!

Regular and consistent record keeping will pay off for you at tax time guaranteed!

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