Good expense tracking saves you money at tax time and gives you insight into your business health.

Why Track Expenses?

  • Maximize tax deductions
  • Know your true profit margin
  • Make better business decisions
  • Simplify tax preparation

Categories to Track

  • Office supplies and equipment
  • Software and subscriptions
  • Marketing and advertising
  • Professional services
  • Travel and transportation
  • Meals (business only, 50% deductible)
  • Home office expenses
  • Professional development

Best Methods

Use Accounting Software

Apps like QuickBooks Self-Employed or FreshBooks can automatically import transactions and categorize expenses.

Mileage Tracking

Use the standard mileage rate (67 cents per mile in 2025) for business driving. Apps like MileIQ automate this.

Receipt Capture

Take photos of receipts immediately. Use apps like Expensify or your accounting software’s receipt feature.

Tips for Success

  1. Review transactions weekly
  2. Use a dedicated business credit card
  3. Keep business and personal expenses separate
  4. Save all receipts for at least 7 years
  5. Work with an accountant annually

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