If you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!

December is the time when we start to think about taxes and wonder where all of those receipts that we’ve collected throughout the year have ended up. To make keeping track of your expenses painless, it’s essential to keep current with your records. A few minutes spent now can save you hours later in the year.  Trust me on this; I know this from experience. Here are just a few tips for keeping records when traveling for business:

Get receipts for everything: Get in the habit of asking for a receipt for any and every expense–from cab drivers, parking lot attendants and coffee vendors. Yes, the IRS allows you to claim many small expenses without a receipt, but will you remember them when it comes time to fill out your tax forms or consult with your tax accountant? Additionally, many employers are not as lenient as the government and require a receipt for everything on your expense report.

Keep a log: It’s easy to jot down your mileage, small expenses, tips, and other amounts while you are traveling. It’s much more difficult to reconstruct the trip months–or weeks–after you return. Make it easy on yourself and keep a small spiral notebook in your pocket or purse.

Store receipts in one place: Develop a system of storing your receipts. This can be as simple as a shoebox, if you have relatively few expenses, or envelopes for every month, week, or trip, if you have frequent expenses. Knowing where to find your receipts will save you time digging through purses and coat pockets when it comes time to do your taxes or expense report.