11/30/2022 0 Comments Logbook calculator for drivers![]() Your logbook and/or electronic log records are your best proof of entitlement to per diem expenses (primarily composed of meal costs). Having a credit card for operating expenses is another way to make recordkeeping easy since you can often separate charges into categories (gas, food, maintenance, etc.). Pay the balance in full every month to ensure you aren’t racking up additional business debt. Research credit cards and find one with a low-interest rate that doesn’t have an annual fee and, ideally, a generous rewards plan. ![]() Use a separate credit card for business expenses. Having a separate account will also give you easy access to necessary information if you are audited. Pay all business expenses from this account for easy recordkeeping purposes. Deposit settlement checks into this account, and then pay yourself out of these funds. If you are the sole owner of the business, open an additional personal account for simplicity purposes, not to mention that it will save you the extra fees associated with business accounts. Open a separate checking account for your business. Scanned images of receipts are acceptable, but keep original paper copies for warranty purposes for any big-ticket items you purchase. Use the folders for your monthly profit-and-loss statements and accurate quarterly tax estimates. Keep an envelope in your truck for collecting receipts, or use the dedicated folders on your computer or in a cloud for e-receipts. Why “tip” the taxman? You want to be able to deduct as many legitimate costs as possible. Save every receipt, no matter how insignificant the charge seems. ![]()
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