Are you ready to document your expenses?

No matter who is keeping your books, it will be you paying the taxes at year's end. There are a lot of expenses that could reduce your burden - and the list of allowable deductions is always changing. Your bookkeeper can deliver the numbers at tax time, but it's up to you to retain records along the way. That means documenting the time, place, and purpose of every claimed expense - from business dinners to home office expenses. If you think an expense might qualify, document it and file the paperwork in an appropriate folder. You can easily retain receipts in a digital file by scanning or photographing them with your cellphone. A business credit card statement can also keep track of many deductible expenses.