If you’re a business owner, chances are you have a lot of receipts. Keeping track of them all can be a daunting task, but it’s important to stay organized. At A&TDesrosiersServices, we understand that organizing all the receipts can be quite a challenge, but with a bit of preparation, you can handle them quickly and easily. As experts, we are here to help! We have created an ultimate checklist to help you track all your receipts. Follow our checklist accurately so that you never miss a deduction come tax time. 1. Keep all receipts Any expense that is claimable. Business expenses or home office expenses, or vehicle expenses. 2. Create a system for categorizing receipts Make sure that each item on the receipt is clear of what it is for. Is it a tool, supplies, office supplies, etc.? If more than one item is needed, please specify each one. 3. Include a description of the purchase If you have more than one business, please write on your receipt which business it is for. 4. Check all bank transactions If you go to ATMs, please specify what the money was used for if you are withdrawing, and have a deposit slip with what the total is equal to. 5. Filter all e-transfers Set up a filter, so your accountant gets the e-transfers list, or print out every six months what the e-transfers are and what they are for. 6. Submit debit receipts Please ensure that you submit both the receipt of the items and the debit receipt. Some places have tip options, and as well some stores sell more than one category of items, so both are needed. 7. Store in a box or envelope Always store your receipts flat and box them. Having them exposed to air and moisture can ruin the ink and smudge the details. 8. Monthly drop-offs Even if you are filing yearly or quarterly, it is best to drop off with your accountant or bookkeeper each month so they can review the details while they are fresh in your mind. 9. Include statements Include bank, credit card, and insurance or any other year statements each month as you receive them. 10. Never wrinkle or bunch your receipts Wrinkles and folds can make receipts difficult to read, and if a receipt is unreadable, it can’t be used to verify a purchase. Also, receipts that are bunched up are more likely to be lost or misplaced, which can also make it difficult to verify a purchase. If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at A&T Desrosiers Services, serving in Cornwall, Ontario. We have over fifteen years of experience helping individuals and businesses with their tax prep and bookkeeping needs. Our experience made us realize that many individuals are getting stressed at tax time because they were either trying to prepare their returns themselves or were not confident in the person preparing them for them.
We serve clients across Cornwall, Lancaster, Maxville, St-Albert, Summerstown, and the surrounding areas.
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