Tuesday, January 27, 2015

Keep Track of those Business Expense Receipts 2015

Each new year or each new business start-up, begins the process for small business accounting.  One of the most important things to remember is to keep track of those business expense receipts throughout the year. 

Many small business owners can feel overwhelmed with this aspect of doing business as often times they are too busy with the day in and day out of business activities to have the time to deal with their bookkeeping and accounting, and rightly so, they are busy with the task at hand of successfully growing their business.  

The IRS defines deductible business expenses as those that are both necessary and ordinary.  An ordinary expense is one that is commonly used and accepted in the trade or business, while necessary expenses are those that are helpful and appropriate for the trade or business. 

The following is a short list of just a few of the most common business expenses:

  • rent
  • telephone, cell phone, utilities, internet
  • office supplies
  • postage
  • business cards, stationery and printing
  • bank service charges
  • office furniture
  • parking and tolls
  • mileage of use of vehicle in business or auto expenses, and auto tags
  • professional associations and publications
  • insurance
  • education
There are many more expenses that are allowed that are not listed here including office equipment, which is also deductible and very important; however, it is best to leave this aspect to us, your professional bookkeeper and accountant, as depreciation comes into play here and it is very important that this is handled correctly, in order to keep your business in compliance.  

The best rule of thumb is to always keep your receipts for anything purchased for the business, and let us help you in the determination of allowable expenses, while we take care of your bookkeeping and accounting needs.  Call us today and let us focus on the accounting, so that you can focus on what is really important, running your business.  We are here for you to help make your business successful.   (918) 286-2494. 

We provide services for clients in the Broken Arrow and Tulsa area, as well as all of Northeast Oklahoma.