Keeping Track of Expenses

David · Joined: 06 May 2004 Posts: 51

I'm used to using the IRS's standard deduction, and I have never had to worry about keeping track of the money I spend. Now, it is quintessential that I track every possible expense so that I can get a deduction on my taxes.

All I really do now is put all my receipts in a drawer in a file. Is there a better way?

guest · Guest

Don't forget to keep track of your mileage, depending on what your job entails, that could add up to a significant deduction.

Do you have business checking accounts and credit cards? That's another good way to keep track of your expenses.

Kevin

Tamari · Guest Joined: 06 May 2004 Posts: 6

Here one of the most helpful things, after keeping track of all your expenses is to get a good accountant. I don’t know how it is in USA, but there are people in Israel who mange to hardly pay any taxes, with the help of their accountant. :) Best thing their fees are also an expense. :D

On the other hand one better be aware of the not so scrupulous types, they can really mess you up. :cry:

squirrel · Posted: Mon Jun 14, 2004 8:53 am Post subject:

I think a good accountant is worth all the money...

darskayairene · Guest Joined: 24 Mar 2005 Posts: 8

I agree with others - a good accountant is very important. He will take care of all your expenses and profits, will put it in order with help of special accountant program, will advise you on the taxes and another rules and regulations.