Track your income and expenses throughout the year
Understand what you are spending each year as well as your net profit.
Be prepared and organized come tax time.
See it in action.
The IRS requires you to track your income and expenses. They do not say how you do it, just that you need to do it. This Google Sheet is a great way to get you started. It is easy to use, categorizes your expenses and helps you determine your net profit. For new advisors or those that don't yet have a system in place this is great place to start. Best of all, it is FREE.
Andrew Roed, EA
Andrew Roed is the owner of Taxes for Travel Agents, LLC a company focusing on tax preparation, tax planning and financial education helping empower travel advisors to learn and understand the tax and financial side of operating a small travel business.