Taxes

Just completed my taxes the other day and I am so glad I hired a CPA that specializes in small businesses.

Even though I have not launched my board game inventions just yet, I have spent a lot of time and money on press releases, my computer, the New York Toy Fair last year, meals with potential investors, etc. Fortunately I kept all of my receipts organized in a folder with a summary page listing everything. This made it as easy as possible for my CPA to go through all of my records. He saved me a LOT of potential heartache.

One thing I did learn is that it is important to keep a written journal wherever you go (i.e. in your car) so that you can accurately log the dates, mileage, receipts, and purpose of your business-related expenses. From what I understand, this makes it easier to justify your deductions at the end of the year - in the event you are ever audited. (Make sure to consult a certified CPA for professional tax advice.)