Whether you’re a freelancer, the owner of a small business, or part of a traditional corporation, managing expenses is one of the most important parts of running your business. The IRS requires that businesses track their expenses and keep receipts for any money spent on behalf of their company.

Track Expenses Where You Can

• Spreadsheet
• App
• Website
• Book

Use the Right Tax Form

• Use the right tax form.
• The form depends on your business structure (sole proprietorship, partnership, corporation).
• Check with your accountant to find out which form you should use.

Be Specific About Business Use of Personal Assets

If you use a personal asset for business purposes, it’s important to be specific about the use of that asset. Personal assets include cars, homes and property. If you want to deduct the cost of using these assets for your business (e.g., if you drive between two offices or take clients … More >>>