DS-Influence Growth

There is actually one part about doing your taxes that can be quite exciting and fun.

I know, hard to believe, right? – Hear me out.

It's logging your expenses!

One mistake we see all the time with small business owners is that they don't save copies of their expense reports. At the end of the day, this will result in a variety of tax, accounting, and cash flow issues.

It may seem difficult to keep a receipt of every purchase that your business makes, but there are a few ways to make it easier on yourself.

First, use one single credit card to pay for all business expenses. Have a designated location for all of your receipts, and if you are feeling extra saucy, snap a photo of each receipt on your phone!

Your business expenses could fall into many categories, including:

- Travel expenses: if you ever had to make a business trip, or even if you spend a lot of gas money commuting to your place of work, you can write all of that off!
- Home office expenses: whether it's a computer, a monitor, or office supplies – write it off!
- Entertainment and meals: Let's say you took a client to dinner in an attempt to secure a deal – and it worked! But, they ordered the vintage red with a side of caviar. Don’t fret, you can write it off as an expense!
- Gifts: Similar to entertainment and meals. Let's say you bought a client tickets to the big game as a token of your appreciation for their business – write it off!

Your expense report can mean the difference between gaining or paying come tax time, especially in the first years of your business! If you have employees, make sure they also know to always save the receipt and use that company card!

I eat a lot of ice cream – but unfortunately I can’t write it off as a business expense…