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Personal Finance Round-Up: It Pays to Keep All Business Receipts

By Money Crashers

receiptsSaving receipts for business expenses is crucial for all business owners. In an article published by Entrepreneur Magazine, 7 Tips for Keeping Receipts Organized for Tax Time, author Mark J. Kohler explains how one real estate broker learned this lesson the hard way and found herself in tax court. In the case of Ong v. the Internal Revenue Service, Betty Ong was unable to produce receipts for thousands of dollars worth of deductions. Regardless of whether the transactions were legitimate, Ong had no leg to stand on without the receipts, and the IRS won easily.

Don’t let this happen to you. Keep all of your receipts, and include a note on the back of the receipt for the business purpose. Scan the receipts and hold onto them for at least six years, and never solely rely on credit card statements or canceled checks. It pays to be organized – especially at tax time.

Here are other articles to keep you informed:

Average $951 Car Title Loan Results in $2,142 in Interest [Consumerist]
You may want to think long and hard before taking a car title loan, as the interest can be quite hefty. Visit the Consumerist to learn more.

The Biggest Asset in Your Financial Portfolio Is You [New York Times]
John F. Wasik explains the connection between human capital and financial capital, and how it could potentially influence the way you invest.

Free Tax Help: Four Ways to Get It  [Daily Finance]
Having your taxes completed by a professional can be costly, but due to complicated tax laws, it can be hard to go it alone. However, you may be in luck, thanks to free resources on the IRS website. In addition to this, Daily Finance offers three other ways you can acquire free help with your taxes.

The Best-Paying Jobs for Women [Forbes]
Despite the Equal Pay Act turning 50 this year, women are still only paid 81 cents for every dollar earned by a man. Forbes researched information from the Bureau of Labor and Statistics and highlights the jobs that pay women the most in 2013.

Bouncing Back From Failure [The Simple Dollar]
Sometimes, things just don’t go our way, and we get laid off or passed over for a promotion. However, it’s how you handle these setbacks that matters, and if you can bounce back positively, you will be a success.

Two Easy Ways to Lose Big in 2013 [Market Watch]
This article explain two traps to avoid this year when it comes to your investments. Find out what they are by visiting The Wall Street Journal’s Market Watch.

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