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How to do your own Bookkeeping and Accounting with Karlton Dennis
Name
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First
Last
Email
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1. Why do you need to track your expenses?
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Overpaying on your tax returns
Recollection of what happened throughout the year
Both of the above
2. In the first story, the client did not keep track of her ________.
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Checkbook
Hours of work
Expenses
3. _________ is one reason good record keeping will save you money on your taxes.
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A Business meeting
Family expenses
Identify expenses for which a deduction can be claimed
4. You cannot ever deduct medical or dental expenses on your taxes
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True
False
5. Good record keeping can help you prepare tax returns _____ and ______.
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Accurately and Timely
Slowly and Improper
Belated and Unreliably
6. Filing a timely tax return will keep you from paying penalties and interest fees.
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True
False
7. If you know your _______ in real time, you can make ____________ in real time.
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Numbers, financial decisions
Bank account, payments
Deductions, decisions
8. How long do you need to keep your records for?
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3 years
6 years
1 year
9. In the second story, does Philip have to keep copies of his tax records from the partnership income he is receiving?
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Yes
No
Neither
10. The easiest method to tracking your records is online.
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True
False