Keeping track of my business

There are a number of ways you can deal with your vehicles, fuel costs, business/personal mileage, maintenance, repair, etc.
One way is to buy mileage books for each vehicle, you can keep track of business vs. personal mileage. Business mileage is tax deductible. Presently the rate is 55.5ยข per mile.
Another way is to keep track all vehicle costs, including gas, and at the end of the year deduct the personal miles from your total miles, figure your percentage of business vs. personal miles, and deduct the like percentage ( of business mile) from your annual cost of operation per vehicle.



I use a "Neat" copier to scan my receipts. it allows me to not worry about losing the actual receipt, as I have a copy in both my quick books file, and my "Neat" file in my computer. I still keep the originals, but if I need to see a receipt, or if my accountant, or the government, or anyone needs to see a receipt for ANYTHING, I simply pull it up on the computer. The NEAT system also gives me a full breakdown of everything on the receipt, too. Material, labor, sales tax...




WHen you begin set up of Quick books, you can also set up various files, and accounts. For example, your shop, you'd need a "folder" for Utilities, rent or mortgage, equipment purchases, supplies, inventory, maintenance and repair, etc.



Any labor ( except your own) is deductible. Pay it with a company check. It is deducted from your gross profit at the end of the year, before income taxes are assessed.



It would have been easier, for you, to pay someone else to do it. As the business owner, you time, is not deductible. Once again, Any labor ( except your own) is deductible.
Frankie, can you explain more/better to me this neat scanner? Looking on google I see that it is a scanner, they also have cloud which I understand as another version of a back-up system and a neat desk ( according to thhis page http://www.neat.com/pricing/compare-best-scanner/

I would like to possibly start with the neat scanner cause it is the cheapest and I am only starting out but would still like to have all my ducks in a row just in case.