I have a tax question? As a small business owner if I want to

[midnight]

deduct the cost of stamps for business mailings how do I distiguish that purchase from the stamps that might be considered personal use? Any ways to help the IRS be able to know it is for buisness? I have reciepts. Also if I use a car, and gas for my business and keep milage log in a spiral notebook and reciepts is there one better way than another that makes the IRS allow that deduction? Any imput would be helpful.....Thanks.

[SharonAnn]

1. You should get a book (library?) and read the IRS site for starters.

Don't take Small Business tax advice from posters in an on-line forum without checking it out.

[midnight]

5. Thanks.

[MercutioATC]

2. My advice: Get a CPA. To answer your question...

The IRS will never know. Write off as many of the stamps as you want.

If that offends your sense of morality, write off the ones you actually used for business purposes. Again, the IRS will never know.

[midnight]

6. I plan to discuss this with a CPA, but wondered ?

[Vincardog]

3. Keep a business expense journal. Write down the expenses as they are incurred. Write

them down within 24 hours. You can keep the receipts but the journal is more important.

[Jackpine Radical]

4. The log is ordinarily sufficient for car mileage.

You can alss keep receipts for any lodging you pay for or meals you eat on business trips.

If you thought you had to, you could also keep a log of hat you mail. I don't think they can dispute a contemporaneous record like that in an audit.

[midnight]

7. I keep a spiral log and write what the milage is when leaving and

ariving and date. Is that sufficiant?

[Jackpine Radical]

14. List business purpose of trip.

I think that'll do it.

Sorry I didn't reply sooner--I'm on vacation where I can't get online very easily.

[RUMMYisFROSTED]

8. Two different accounts.

:shrug:

[Taxmyth]

9. Download Publications 334 and 535 from the IRS Web site

and start reading. Or keep a set of stamps strictly for business use and another strictly for personal use.

[midnight]

10. I do. But was curious if there was a special way they wanted

this documented. Let me go to the site you suggest and read. Thanks.

[notesdev]

11. Buy separate sets of stamps

Use one for exclusively business use and keep the receipt.

[ozymandius]

12. One: Use a stamp printer.

You can print stamps either from your PC or by using one of many commercially available printers.

Second: use only a business account to purchase stamps. The USPS sells postage online.

Third: keep a meticulous log of postage expenses and addressees. This will save you appreciable grief should you get audited.

Four: Never be tempted to "pierce the corporate veil". Make sure your personal money is entirely separate from the business money. Never the twain shall meet.

These are basics. You have many viable choices to make this so.

[midnight]

13. Thanks. The third note is very good.