1.8M
LIBUSINESS OWNERS MOVE DIFFERENT
Look up 26 U.S. § 162 😘
When I have a business meal, I don’t just pay and leave.
I immediately write my notes, sign it (everyone who attended must sign) and take a photo of the receipt. I email it to my business email — time stamped and documented. Pay your meals with your business card and not your personal.
Then I log it into my master expense excel spreadsheet.
Meals. Marketing. Supplies. Car. Cell phone. Home office. Everything.
Because CEOs track numbers. They don’t guess.
That spreadsheet goes straight to my tax professional so he can properly file my S-Corp return — Form 1120-S — the right way.
After Form 1120-S is filed, I use the Schedule K-1 it provides to finish filling my personal tax return.
Documentation is what protects your business.
Real business owners don’t ‘hope’ it works out at tax time. They prepare all year.
#BUSINESSTIPS
#TAXWRITEOFF
#SMALLBUSINESSOWNER
#BUSINESSOWNERLIFE
#ENTREPRENEURTIPS
@lilyvanillyslime
