On every business trip you take, it is important to save your receipts. For airline and hotel receipts, forward the receipt email to your bookkeeper or to an email address or app dedicated to storing your digital receipts. For physical receipts, as soon as you receive it, write a note on it for what it was for, put it in an envelope for receipts, and then give the envelope to your assistant when you get back from your trip so that he or she can scan the receipts and send them to your dedicated email address or app. Once you have stored a digital copy of all your receipts from your trip, file them and record your business expenses. Be sure to submit an expense report on your own behalf so that when your business reimburses you, you are able to get cash back tax-free and the expenses get properly recorded with your company.
To learn more about how to make way more money and pay way less in tax, schedule a call with the team at TFW Advisors® today!