This is the part of the year that I like to encourage you all to do a few things:
- TRACK YOUR MILEAGE! No seriously, write it down, keep a log, download an app, buy a new pretty book to keep in your car – however you do it just make sure it gets done. Your log should contain the date, the place of travel and the purpose of the trip. Like So: 2015BusinessMileageLog-Sheet1-2 For 2015 the standard mileage rate for business miles driven is 57.5 cents per mile.
- SAVE YOUR RECEIPTS! The more evidence you have to support a business deduction the better. I like to carry a seperate wallet in my purse that my business credit card & checkbook lives in – when I pull out my card so comes the wallet and the receipt for that purchase goes directly into a pocket there. Or if you prefer not to keep all that paper about you can take a photo of your receipt and upload it to our shared dropbox folder. Let’s work together to set up a system that works for you.
- SET UP A RETIREMENT ACCOUNT if your employer offers any sort of retirement savings – take advantage of it! increase your personal monthly contributions even by just a wee bit for 2015. If you are self employed – set up your own account and make it a goal to contribute a regular monthly amount all year long. If you would like to work with a financial planner contact me for a reference.
- SAVE DONATION RECEIPTS when you get that new years need to clean out those closets, garages and basements and you haul all that nice stuff off to your favorite non-profit ask those guys for a receipt! You should write in the value and a description of the goods donated. Put it in a handy dandy tax documents folder to give to your favorite LTC come year end. The Goodwill offers this guide:
HAPPY NEW YEAR! Love, MM