This notebook — or alternately, a log kept in a document on your smartphone or other mobile device — will be used to record those expenses for which you cannot obtain a receipt, such as when you wash your truck at a coin-operated facility or personal use of your auto, so you can deduct the expenses at tax time. Forward this record to your business services provider monthly with your other receipts. You must track the date, location, amount and reason for each expense in your log in order to meet IRS regulations.
The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm. The program is sponsored by TBS Factoring Service.