From the course: Finance Foundations for Solopreneurs
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Tracking deductible expenses
From the course: Finance Foundations for Solopreneurs
Tracking deductible expenses
- One of my biggest challenges as a solopreneur, is the administrative function. For example, I hate, and I mean despise keeping track of my mileage for deductions. I know it all counts, but the discipline of writing down starts and stops for every trip was too much for me to do. Finally, after years of likely losing thousands of dollars of deductions, I talked to my CPA. She showed me a mobile application that automatically tracked my miles the minute it sensed the car was moving. It turned out to be one of the best returns on investment in my business ever. It also underscores the importance of keeping track of deductions. You might be like me and hate the process but I assure you, its worth the time and energy. Nah I'm not a CPA or a financial tax expert but as a solopreneur myself, I've learned what's worth tracking. To start, track your mileage. You just heard my sad story (chuckles) there are really great auto mileage tracker applications available. And listen, don't get the…
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