Get Organized! Six Simple Tips When Organizing Your Business Receipts for Tax Purposes

Six Simple Tips When Organizing Your Business Receipts for Tax Purposes

No matter what business you are in, you need to keep your receipts intact. They are handy in managing the affairs of your business, especially during the tax season. Superior Receipt Book Company & Printing Services, a business involving Personalized Receipt Books in Centreville, Michigan, lists down some simple tips you can follow when organizing your receipts.

Tip #1: Get a monthly organizer for your receipts.
You can actually buy an organizer pouch for your receipts in some stores. There is one in Target that offers a monthly organizer. It is a small pouch that has twelve pockets inside. You can label these pockets by month.

Tip #2: Keep a photocopy of your receipts.
In every transaction you make for your business, always ask for a receipt. Once you are issued one, get it photocopied. This is because the ink in the receipts can fade relatively quickly. And since taxpayers are required to keep their receipts as part of their tax documents for at least six years, it is safer for you to have a backup plan.

Tip #3: Keep a business journal.
For every transaction your business makes, record it in a journal. When purchasing something for the business, jot down the necessary information, such as the transaction date and the purpose of the transaction. If you are not the type of person to keep a notebook, then try using Microsoft Outlook or Google Calendar.

Tip #4: Separate your receipts by category.
Go through each of your receipts and categorize them according to their type. The first thing you may want to do is to identify whether the receipts are related to your business or issued for your personal interests. Once you are done with this, you may now mark your business receipts according to their appropriate category (e.g. “UTILITIES”).

Tip #5: Store them in one cabinet.
You understand how full your plate is when you are running your own business. In fact, you oftentimes forget the simplest things, like keeping track of important documents. Misplacing these documents can get you into trouble with the IRS. To avoid this scenario, provide a cabinet where you can store all of your important tax documents.

Tip #6: Take advantage of modern technology.
If you are tech savvy, you might want to consider going digital. The IRS gives taxpayers the option of submitting documents in hard copies or soft copies. If you want to go paperless, you can scan your receipts and store it on your computer. You can also download a receipt-tracking app on your phone.

As a taxpayer, you understand the importance of keeping receipts. Help your co-taxpayers by issuing your own receipt when making a transaction. Personalize your company’s receipts with the help of Superior Receipt Book Company & Printing Services. We provide Personalized Receipt Books in Michigan at fair prices. We have been in this business for more than eighty years.

If you wish to know more about our products, do not hesitate to contact us at 800-624-2887.

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