The Book On Tax Strategies for the Savvy Real Estate Investor by Amanda Han & Matthew MacFarland

Author:Amanda Han & Matthew MacFarland
Language: eng
Format: mobi
Publisher: BiggerPockets Publishing, LLC
Published: 0101-01-01T00:00:00+00:00

Petty Cash

Consider keeping a drawer or box of petty cash for minor day-to-day expenses. For example, if you have a petty cash box with $300, you can dip into it when you need to order lunch for your contractors or to buy that $25 gift card for your landscaper. Just remember to keep these receipts and record the expenses in QuickBooks.​

Reimbursements

For larger amounts, simply keep a copy of the receipt for the money you spent and then have the business account reimburse you. So if you spent $50 on paper and pens at Costco, simply have the business account write a $50 check to you personally. This way, you can record a $50 office supplies expense in QuickBooks to capture the write-off.​

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