Bookkeeper / Real Estate Investor: Top 5 Bookkeeping Tips

[Max Emory]

Current Top 5 Bookkeeping Tips

1) Hire a great CPA (you’ll need a tax return filer, tax advisor, etc) and eventually a Bookkeeper once your business can afford it.
---Both should have substantial experience in or with your industry

2) Keep all of your business & investing transactions totally separate from your personal transactions. Also, keep each entity’s transactions totally separate from other entities.
---And, I’d suggest looking into a financial accounts system like @ProfitFirst. It makes it super simple and easy once you get it set up

3) Systematize and automate as much as you can with apps and technology to make it easier on yourself.
---Apps: @MileIQ, @QBO or whatever bookkeeping software you use, @GoogleDrive, @Dropbox, the list goes on.
---Have a system for how you deal with receipts, categorizing everything, reconciling each month

4) Don’t miss out on these 5 common deductions I see investors and business owners not tracking:
---Mileage & Vehicle
---Meals
---Internet & Cell Phone bill
---Insurance
---Home Office

5) If you can’t prove it, you can’t claim it.
---Unfortunately, the burden of proving and qualifying business transactions for the IRS is on us as the investors and small business owners.
---Most people think if the IRS can't prove something wasn't a business expense in an audit then they're good to claim it but that's not the case. The burden of proof is always on us.
So, receipts, activity logs, pictures, paperwork, etc for all transactions is key.

I hope this helps!

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Bookkeeping Professional | Real Estate Investor | USMC Veteran