Tax Myth #1 – Credit Card Statements Are Not Enough
This is Tax Myth #1, because it is the biggest misconception small business owners have about tracking business expenses. Your credit card statement only shows that you bought something; it does not show what you bought and why it is a business deduction. So, hang onto those receipts!
{ 1 comment… read it below or add one }
Eek. I didn’t know this until Kyle Durand (one of the co-founders of this cool site) clarified for me recently. I can’t thank you enough for this tip. Oh and am now using ShoeBoxed to make a digital record of every one of those business receipts.