Maximize your tax refund and minimize your tax liability by taking advantage of all your available business deductions. To effectively manage your business deductions, it is very important to always keep track of all business expenses. Keep record of vehicle mileage when travelling for business and always save receipts.
One of the most effective ways of keeping track of business expenses is by using Accounting/Bookkeeping systems like QuickBooks, Peach Tree, NetSuite, Epicor. With most of the Accounting/Bookkeeping systems, you are able to regularly download your bank statements and categorize your expense. These systems are also very helpful to easily reconcile your bank transactions at the end of the month