Review Your Business Meals

Make sure your business meal expenses include more than just a receipt or credit card transaction.

Your records should document:

Date and amount of the meal

Restaurant or vendor

Business purpose

Names of attendees, when applicable

Receipt or supporting documentation

BUSBooks Tip: Add the business purpose to your records while you still remember the details. A credit card statement alone doesn't explain why the expense was business-related.

Check Your Vendor W-9s

Now is a good time to review your vendor list and identify anyone who may need a Form 1099 at year-end.

Take a few minutes to:

Review your current vendor list

Identify new vendors added this year

Check that you have Forms W-9 on file for applicable vendors

Request missing Forms W-9 now

Update vendor information if names, addresses, or business structures have changed

Why do this now? It's much easier to obtain missing information while you're actively working with a vendor than when you're trying to track them down in January.

Track Your Fuel Tax Information

For motorcoach and transportation businesses, accurate fuel records are especially important.

Make sure you're retaining information such as:

Fuel purchases and receipts

Gallons purchased

Fuel type

Purchase dates

Vendor/location

Business use information

Consistent tracking throughout the year helps BUSBooks determine whether your business may qualify for applicable fuel tax credits and ensures the necessary documentation is available when preparing your returns.

YOUR MID-YEAR CHECKLIST

Business meals are properly documented

Vendor list has been reviewed

W-9s are on file for applicable vendors

Missing W-9s have been requested

Fuel purchases and supporting documentation are being tracked

Don't wait until tax season to get organized. Taking care of these items now can save time and reduce the stress of year-end tax preparation.

Questions about your records or what you should be tracking?

Contact BUSBooks — we're here to help.