Records. Keeping good records is an important part of running a business, and clearly written records are very important to the IRS. Thanks to modern technology, this task does not have to be tedious and time-consuming. Even someone with minimal organizational skills can keep accurate records. Any of the following systems will provide you with the kind of paper trail necessary to support your deductions.
Traditional ledger style: You can typically find these at office supply stores. Most are broken down by month and provide columns for recording income and expenses. If you have a bill, such as a utility bill, that goes from mid-month to mind-month, don't make yourself crazy trying to allocate. The IRS is only interested in when the bill was paid, so record it in the month in which you paid it.
Simple spreadsheet: If you are comfortable with using basic office programs, you can create a simple record-keeping system tailored to your particular kind of business, and then adjust it as needed.
Traditional ledger style: You can typically find these at office supply stores. Most are broken down by month and provide columns for recording income and expenses. If you have a bill, such as a utility bill, that goes from mid-month to mind-month, don't make yourself crazy trying to allocate. The IRS is only interested in when the bill was paid, so record it in the month in which you paid it.
Simple spreadsheet: If you are comfortable with using basic office programs, you can create a simple record-keeping system tailored to your particular kind of business, and then adjust it as needed.
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