Method to track tax related deductions for personal IRA costs, in one business QuickBooks file, to make year end tax filing much easier. It is generally good advice to keep personal transactions completely separate from business transactions, keeping two separate set up books, and having two separate checking accounts. There are benefits, however, to tracking some personal items using our business account. Once benefit is that it keeps the items we need to track for taxes in one location and tax preparation and compliance if often one of the main goals for small businesses. The business QuickBooks account is often much more organized then the personal records because special focus has been spent on tracking the accounts and on using the bank account for guidance. If we can use the same QuickBooks account for tax related items we must track it can simplify our lives. We do run the risk, however, of combining business and personal records in a confusing way so we do need to
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)