How to Do Your Own Bookkeeping and Accounting - Choctaw Nation Small Business Development

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1. Why do you need to track your expenses?*

2. In the first story, the client did not keep track of her ________.*

3. _________ is one reason good record keeping will save you money on your taxes.*

4. You cannot ever deduct medical or dental expenses on your taxes*

5. Good record keeping can help you prepare tax returns _____ and ______.*

6. Filing a timely tax return will keep you from paying penalties and interest fees.*

7. If you know your _______ in real time, you can make ____________ in real time.*

8. How long do you need to keep your records for?*

9. In the second story, does Philip have to keep copies of his tax records from the partnership income he is receiving?*

10. The easiest method to tracking your records is online.*