In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday emphasizes the importance of meticulous record-keeping for self-employed individuals and small business owners, especially those managing an S corporation, LLC, or sole proprietorship. She highlights that adhering to tax laws isn’t just about earning and spending money freely; it requires diligent tracking of expenses and earnings. Dr. Friday warns that failure to maintain accurate records could lead to the disallowance of expenses by the government, posing significant risks to the business. She advises that effective bookkeeping will be crucial for the year 2024 and offers assistance through her website, drfriday.com. The episode also mentions her live call-in show on 99.7 WTN every Saturday afternoon.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
As a self-employed or small business owner of an S corporation LLC sole proprietorship we all have one thing we have to do keep good records. That’s in the tax law. You can’t just start a business and say you know what I’m just gonna spend the money how I want make the money how I want and the government can’t do anything. Yes they can. They can basically disallow all your expenses if you’re not tracking those expenses correctly which basically means getting receipts. Tracking the receipts making sure they go with the money that you’re earning so that way you don’t get in trouble. So good bookkeeping is going to be the secret for 2024. Need help? Go to drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.