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Business Record Retention

Business records such as Tax Record, various Business Reports, Contracts, Important Documents, Insurance Papers, Ledgers, etc. are to be kept for a specific duration including some that are to be kept permanently. The checklists included in the PDF document (linked below) cover all of the appropriate record types and their retention time. Record Retention Checklist

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Auto Expenses

If you use your car for business purposes, you may be able to deduct car expenses. You generally can use one of two methods to figure your expenses: Actual Expenses or the Standard Mileage Rate. Actual Expenses Deductible Items — If you choose to deduct actual expenses you can deduct the cost of the following items: […]

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Independent Contractor or Employee

Independent Contractor or Employee Are your workers independent contractors or employees? The answer can have a profound impact on your record keeping requirements as a small business owner. Knowing whether your workers are or are not employees will affect the amount of taxes you must withhold from their pay. It will affect how much additional […]

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Meals & Entertainment

In general, meals are deductible when incurred for business or for the production of income. This means you can deduct meals from your gross revenue as a legitimate cost of doing business if the meals are business related. In other words, the meals should be part of a business meeting.  50 % limitation: only half […]

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Home Office

Home Office / Business Use of the Home If you are self-employed and you use part of your home for business, you may be able to deduct expenses for the business use of your home. These deductible expenses may include the business portion of real estate taxes, deductible mortgage interest, rent, insurance, utilities, maintenance or […]

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