taxes and bookkeeping - Posted by leslie
Posted by leslie on November 26, 2000 at 15:30:06:
I like that answer. So much bookkeeping in the name of tax reduction gets counter productive.
It takes time to save, document, and mentally defend “every little receipt”. I’m talking about the gas, meals, lawnmower, and home office stuff. In less time I can go buy one more house to depreciate and have a “solid deduction”.
My question to you is regarding the “up front” money, the initial option consideration. Do you also lump it into the received and taxable pile, or is it tracked until the end of option? I don’t mean to pry, just curious. I like to hear about ideas to simplify.
I don’t mean we should throw out the baby with the bath water, but I like to hear the ideas.