1) Hire a great CPA (you’ll need a tax return filer, tax strategist, etc) and eventually a Bookkeeper once your business can afford it (more like can’t afford NOT to have a Bookkeeping Professional...).
-Both should have substantial experience in or with your industry
2) Keep all of your business & investing transactions totally separate from your personal transactions. Also, keep each entity’s transactions totally separate from other entities.
-And, I’d suggest looking into a financial accounts system like Profit First. It makes it super simple and easy once you get it set up
3) Systematize and automate as much as you can with apps and technology to make it easier on yourself.
-Apps: @mileiq , @quickbooks or whatever bookkeeping software you use, Google Drive, Drop Box, [ Ссылка ] for A/P, the list goes on.
-Have a system for how you deal with receipts, pay vendors, categorize everything, reconcile each month, etc
4) Don’t miss out on these 5 common deductions I see investors and business owners not tracking:
-Mileage & Vehicle
-Meals
-Internet & Cell Phone bill
-Insurance
-Home Office
5) If you can’t prove it, you can’t claim it (responsibly).
Unfortunately, the burden of proving and qualifying business transactions for the IRS is on us as investors and small business owners.
Most people think if the IRS can’t prove something wasn’t a business expense in an audit then they’re good to claim it but that’s not the case. The burden of proof is always on us.
So, receipts, activity logs, pictures, paperwork, etc for all transactions are key.
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