Keeping your finances organized is essential for any business, and at First Coast Accounting Services, we understand how overwhelming it can be. Whether you’re just starting or have been in business for seven years, now is the perfect time to start fresh and take control of your bookkeeping. Here are some simple but crucial tips to help keep your records clean, compliant, and ready for tax season.
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A Bank Statement Is NOT a Receipt
One of the most common mistakes business owners make is using their bank statements as receipts. While a bank statement shows a transaction happened, it does not provide the details needed for tax deductions or audits. Always keep a copy of the actual receipt, whether it’s digital or paper.
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Keep Itemized Receipts – Especially for Meals
If you take a client out to dinner or buy a meal while traveling for business, you must keep an itemized receipt. The IRS requires documentation showing exactly what was purchased—not just the total amount. Many restaurants provide digital receipts, so take advantage of those for easy record-keeping
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Track Your Mileage Properly
If you use your car for business, tracking mileage can lead to significant tax deductions. However, the IRS requires detailed records, including the date, purpose, and miles driven. There are many mileage tracking apps available that make this process easier—don’t rely on estimates at tax time!
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Uniforms Are Deductible—But Regular Clothing Is NOT
If you wear a specific uniform for work (such as branded shirts with a company logo), the cost is tax-deductible. However, regular business attire, like suits or dresses, is not deductible, even if you wear it for work. Keep receipts for any required uniforms to claim this deduction properly.
Start Fresh & Stay Organized
If your bookkeeping has been messy, now is the perfect time to start fresh. Organizing your receipts, tracking expenses correctly, and keeping accurate mileage records will save you time, stress, and money in the long run. Need help? First Coast Accounting Services is here to assist with bookkeeping, tax
