Problem
Oops - I've completely lost track!
Answers
Do it every week, same time of day, Friday afternoon or night, Saturday morning, Sunday night.
Here are some of the things for which you might need to claim or keep records. Even if you are not claiming, you might want to check. Where did the petty cash go? Why have I spent so much? Have I been robbed, or did I spend the money? Was my free lunch worthwhile if I had to take a taxi?
Monthly, Quarterly and Yearly Outgoings
It helps to anticipate when the big bills will come in. I got a shock when I saw I was due for a three-figure sum for quarterly maintenance on a flat. How could I pay that out of monthly income!
Then I realised that although the quarterly sum was total was provided for information; I was actually paying monthly. So a third of that sum was due to be paid.
Car Miles And Petrol
Keep a notebook in the car for mileage.
Mark number of miles per journey; reason for journey, mileage on clock at start, mileage at end.
Receipts for petrol can be stapled into the book.
Alternatively, the allowance for depreciation on the car used for business can be allowed. (In the UK not for going to and from work but other excursions.) New Tyres, air, petrol, annual service, car wash?
Check what is currently allowed with your accountant / tax consultant / the tax collector. (NB rules in the USA for the IRA will be different, and tax is different for every state as well as the USA as a whole.)
Alternatively, use the AA (Automile Association) or tax allowance calculator.
Subsistence - food
When I last looked it was something like a certain allowance if you were so many miles from your home / office.
Keep all receipts, both as evidence if you are challenged by the tax office, and to remind yourself.
Next year I shall be much better organized! Didn't I say that last year?
Stationery
Box files, paper, printing, postage stamps.
Insurance.
Author
Angela Lansbury, travel writer and photographer, author and speaker.
Oops - I've completely lost track!
Answers
Do it every week, same time of day, Friday afternoon or night, Saturday morning, Sunday night.
Here are some of the things for which you might need to claim or keep records. Even if you are not claiming, you might want to check. Where did the petty cash go? Why have I spent so much? Have I been robbed, or did I spend the money? Was my free lunch worthwhile if I had to take a taxi?
Monthly, Quarterly and Yearly Outgoings
It helps to anticipate when the big bills will come in. I got a shock when I saw I was due for a three-figure sum for quarterly maintenance on a flat. How could I pay that out of monthly income!
Then I realised that although the quarterly sum was total was provided for information; I was actually paying monthly. So a third of that sum was due to be paid.
Car Miles And Petrol
Keep a notebook in the car for mileage.
Mark number of miles per journey; reason for journey, mileage on clock at start, mileage at end.
Receipts for petrol can be stapled into the book.
Alternatively, the allowance for depreciation on the car used for business can be allowed. (In the UK not for going to and from work but other excursions.) New Tyres, air, petrol, annual service, car wash?
Check what is currently allowed with your accountant / tax consultant / the tax collector. (NB rules in the USA for the IRA will be different, and tax is different for every state as well as the USA as a whole.)
Alternatively, use the AA (Automile Association) or tax allowance calculator.
Subsistence - food
When I last looked it was something like a certain allowance if you were so many miles from your home / office.
Keep all receipts, both as evidence if you are challenged by the tax office, and to remind yourself.
Next year I shall be much better organized! Didn't I say that last year?
Stationery
Box files, paper, printing, postage stamps.
Insurance.
Author
Angela Lansbury, travel writer and photographer, author and speaker.
No comments:
Post a Comment