Save Those Receipts

Do you know that you should be saving ALL your business receipts for tax write-off purposes? Whether you are buying stamps to mail out catalogs, or purchasing a new ink cartridge for your computer, you should be recording and keeping them all.

Of course, moms are busy, so at the very least you should handwrite a note on your receipt with "stamps for mailing twenty catalogs" or whatever it was used for. Don't trust that you will be able to remember what you bought at the office supply store for $36.99 a year after the fact, because no matter how good your memory is, you won't.

You should also keep all your receipts somewhere safe (and make sure you keep all those receipts in the same somewhere safe, or else you will be coming across stashes of old business receipts years after the fact).

If you keep all the receipts in a file or shoebox, keep in mind that it will be a horrendous chore to get them ready for you or your accountant come tax filing time - the more you prepare ahead of time, the easier it will be later on.

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