3/26/2025
Not all payment methods are created equal when it comes to tracking expenses and maximizing tax deductions.
Here’s a breakdown of the best options:
– Credit cards are one of the best options because they create a clear record of every transaction, provide monthly statements, and categorize expenses automatically. This makes tracking deductions much easier.
– ACH bank transfers are also a great choice since payments are made directly from a bank account, making them easy to record.
– Debit cards work similarly to ACH transfers but do not offer the same fraud protection or rewards as credit cards.
– On the other hand, checks can be harder to track since they take longer to process and require manual recording.
– Cash is the most difficult to manage for tax purposes. Without proper receipts, it can be nearly impossible to track and claim deductions.
Keeping organized financial records ensures that business expenses are properly accounted for and helps avoid surprises during tax season.
Working with a bookkeeper can make the process even smoother and help ensure everything is tracked correctly!
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