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June 15, 2007
Business Credit and Money Tips
Having tax season behind me now, it's time to take stock of business spending and expense tracking. I mentioned a few posts ago about using business credit cards to earn rewards on your business spending to reward yourself personally.
Earning rewards on business card spending is one thing but it is very important to track your spending as you go. Tracking your business expenses is what is going to truly leverage your spending via tax breaks. If you neglect to make a habit of entering your small business expenses at the end of each day you might miss some tax breaks.
I have a spreadsheet that you can use to track business credit card and cash spending that you can download.
Robert Allen and Mark Victor Hansen talked about this in the book "The One Minute Millionaire". They refer to the millionaire minute which means spend one minute a day to log your expense to leverage tax breaks, which of course keeps more money in your pocket.
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