In the ongoing struggle to keep up with bookkeeping, many business owners mistakenly believe that as long as they have some type of log of income and expenses they are good to go. But it isn’t enough. The IRS expects a little more out of us than that. They expect your log of expenses to be categorized.
Categorize every expense? Say what? Adds another level of work to the never-ending list, doesn’t it? [Read more…] about What are Expense Categories and Why Should You be Using Them?