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Write Offs And Business Expenses

Do you write off every expense you can? Many people don't because they think it's too difficult. Trust me, it's easier than you think.

I created a list of categories that I spend money on for my business. These are things like listing supplies (signs, lock boxes, flyer boxes, etc.), advertising (virtual tours, flyers, etc.), office supplies (paper, pens, ink cartridges, etc.). I have about 14 different categories. Talk to your accountant about what kind of things you can write off.

I then created an Excel spreadsheet that I use to track each expense. I sort them by date and category, and then assign a number to each receipt (that allows me to find it easily if I need it). I can tell at a glance how much I spent on each category by month, or for the entire year. Keep every receipt. If the receipt was printed on a thermo printer, make a photocopy of if (they tend to fade over time), and staple the original to the copy. File them in a cabinet.

My accountant loves me. He has told me that he loves doing my returns since his work in minimal with all the "pre-work" I have done. It's not hard, nor is it a task. It's a business decision and a mind set that saves me alot of money each year.

Posted by The Glidden Team Stephanie and Keith Glidden on 02/11/2008 09:27 PM

Comments (11)

expenses, business expenses, taxes

11 Comments on Write Offs And Business Expenses

FEB

2008

I asked my accountant what I can write off and her answer was: "Whatever you have the balls to write off.". If I buy a can of coke I put it on my corporate credit card and write it off.

As a former accountant, I wish I had clients like you! I'm sure you also deduct food for open houses, publications like newspapers - you need to be up to date about real estate, just a few more categories,

Judy,

Yes! If a penny goes out in relation to my business, it gets expensed out. My only requirement for writing an expense off is "can I prove it was a business expense if I have to?" If the answer is Yes, it gets written off, tracked and filed!

We have all our expenses on an excel sheet also. It's a great way to keep track of them but also a good way to make sure you don't miss one.

I record all of my expenses on an excel spreadsheet as well under various categories. My accountant has told me many times he likes I don't come to his office with a shoe box full of receipts. It's interesting to see where my money goes and makes it easier to plan the next year's expenses.

What about keeping track of mileage? I spend a lot of time writing down everywhere I go that concerns real estate. I even started writing my mileage down in my checkbook when I fill up with gas. I just started doing this in September of last year and I'm still doing it. But boy what a pain in the ^$$ to have to write it down all the time. I found out that about 83% of my miles traveled is business related...that's average.

Jon,

Yes, I track every mile (or portion thereof) as well. It goes in a separate Excel worksheet. It's one of the final things I do at night before resetting my trip odometer and settling down in front of the TV. If you make it a priority, it becomes less and less of a pain in the ^$$ as you say.

FEB

2008

I use quick-books when doing all of my tracking of expenses. This way I can see where all of my money is going. Also I have a corporation that I use for all of my business stuff.

Wow-you are really on top of it...Well done!

you are really organized! I thought I was doing a good job.

I keep track of all my expenses also in a spreadsheet. I don't keep up with my mileage very well though. I am working part time at a tax office till April, and I see people everyday bringing in their shoe boxes and sometimes it takes a couple of hours to get finished with them.

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