Enjoy this guest article from Jud Hogan of Business Credit Card Source.
It’s getting to be that time of year. When the weather begins to warm, flowers begin to bloom and the IRS comes to collect from you. Yes, it’s tax time… again. But it’s not all doom and gloom. In fact, your business credit card can make preparing your taxes easier than ever.
So before April 15 rolls around here are a few ways to use your credit card to help you prepare and file your 2008 taxes.
Check Out Your Statements
If you’re like most business owners, most of your business related purchases go on your credit cards. Who needs receipts when you have credit card statements that document every single purchase? So if you need to write off a business lunch from August and your gas from traveling to see clients, all your purchases are documented through your statements.
Get The Year In Review
What’s better than a monthly statement? A year end one. More and more cards companies are providing their members with year end statements that list all of your purchases throughout the year and categorize them accordingly. Completely convenient and a huge time saver, they can even be exported directly to your money management or tax software for immediate use.
Go Paperless
Speaking of your statements… have you gone paperless? Not only does it save trees, postage and space in your filing cabinet, but online statements give you instant access to what you spent last week, last month and even last year. Many credit card companies even give you the opportunity to export your statements to your money management software making the process of preparing your taxes that much easier.
Let Technology Do Your Taxes
Well almost at least. As previously mentioned, many companies allow you to export your statements to computer software programs. Use software like Turbotax or Quicken? Exporting your statements will save you precious time and energy. By exporting your statements into the program, the software automatically inputs the necessary information. No need to manually enter transactions that you want to write off. How easy is that?
You can find information on the most popular business credit cards at http://www.businesscreditcardsource.com. Exclusively focused on business credit cards, entrepreneurs and business owners can browse reviews, compare cards and apply online.
What do you think?
Photo Credit: Paalia
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