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Income Tax Handout

Spreadsheet Dryrun

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Tax 101 - The Basics


Income Tax 101 Basics
 
1.  Prepare Yourself and Stay Organized
•Business expenses separate from personal.   
•Business Credit Card
•Use a Separate Bank Account designated for your business.  
 
Keep BUSINESS Business & Personal PERSONALDon't mix the two in case of an Audit!
 
2. Saving Your Receipts and Finding Them!
•Scan or take a picture of your Receipts
•Create an Email just for your Accounting items  
•Meals and Entertainment are 50% deductible.   So on each receipt just remember to put down the Clients name.  
Every Dollar Counts at the end of the year!
 
3.   Never Pay Cash for Anything!!!  Nothing!  Without a Receipt!
NEVER! NEVER! NEVER!
 
 


Can You Write Off Rebates



Tax Tips for Non Residents