Bookkeeping for Your Business

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ETTC-CS Training AgendaDec 13, 2008

• Upcoming Events
• YTB Tailgate Party Saturday, January 10, 2009
• Official Kick Off for 2009 Food Fun
  Par-taaaa!!!!
• Location ETTC-CS
• More details to follow
• YTB 2009 Convention Open Registration - 98
  before 31 Dec!
• Website Tour, Every Wed, 10am at ETTC-CS
• Hosted by Angela Dave Krikac
• Official Launch The Facts about YTB
  www.thefactsaboutytb.com
• Agenda Debbie Miller
• Basics Record Keeping for Your Business

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Record Keeping for Your Business

• Debby Miller
• PHASES ACCOUNTING TAX SERVICE, INC.
• 548-1646

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What are we doing?

• What money went out?
• what did you spend it on
• deduct all ordinary necessary business expenses
• expenses are helpful, appropriate, customary,
  usual or normal
• can you prove it

• What money came in?
• must establish a profit motive

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Accounting Systems

• Not a good idea
• Manage by checkbook balance
• Shoebox accounting
• Cab of your truck accounting
• Manual Systems
• Dome
• Your own ledgers
• Basic Computer Systems
• QuickBooks

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Mileage Ledger

• Mileage deduction vs. Actual expenses
• Leased vehicle
• What can you deduct?
• Who, what, where, when, and how far
• Commuting miles temporary business stops
• Beginning and Ending Mileage

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Home Office Deductions

• specific area must be used continuously, and
  regularly
• must meet or deal with clients regularly
• photograph the office space to prove it existed
  and make sure the film processing date is on the
  picture

• prove the amount of space used
• prominently display your home office phone number
  AND address on your business cards and
  correspondence
• have all guests sign in every time they visit

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Cash Disbursements /Expenses

• Each check written needs a receipt- Cancelled
  checks are not enough
• Never write checks to CASH

• Never pay for anything with cash unless you
  intend to use a reimbursement form
• 1099s are required for ALL services rendered to
  you over 600 in one year

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Filing System

• Easy to find things, Easy to file things
• Consistency, Accuracy
• 3 distinct types of records
• permanent files
• asset purchases (keep as long as you own the
  asset 3 years)
• loans(until loan is paid in full)
• licenses (until it expires)

• tax returns (for 6 years after business is
  terminated)
• regular files (keep for 3 years
• customer invoices
• vendor bills paid
• bank statements
• time sheets
• daily diary/ appointment book

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Taxes

• Self Employment Taxes
• Business License
• Register Trade Name

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Choose the Proper Legal Entity

• to keep things simple- use Sched C
• to reduce taxes - use C Corp
• to avoid double taxation - use S Corp

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TRAVEL

• Overnight travel
• Meals usually 30 /day (34-46 depending) or 50
  of actual
• Transportation (planes, trains, autos)
• Lodging
• Laundry Dry Cleaning

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BUSINESS ENTERTAINMENT

• only 50 regardless
• gifts limit 25 per person
• business purpose
• before, during or after
• setting conducive to business
• no receipt required under 50

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What should I do now??

• Call for your FREE 1 hour consultation at
  719-548-1646
• Email me at debby_at_phasesaccounting.com
• Visit our informative and FUN website at
  www.phasesaccounting.com