Simply gather information about sale, invoice you submitted to customer, and documentation of your attempts to collect amount owed. You do not have to file bad debt deductions in same year they occurred, so if you have old losses, gather information now so you can include it on your 2002 return.

Travel

Almost any trip can become a business trip if you plan it right. Even if you're traveling to your 20-year high school reunion, you can write off your travel expenses IF you play your cards right.

While mingling with your old chums, collect some business cards, and hand out a few of your own. Ask people what they do for a living (in tax talk that relates to "market research"), and set up a phone call or two for when you return home.

I know one woman who took a pleasure trip to England. However, while she was there, she took tons of pictures of museums, landscapes, etc. She gathered brochures and picked up some information from a few local vendors. She used these things to justify her trip as business travel for her set design (theater) company.

No, you don't have to spend entire trip talking/doing business. Just be able to document that you did some business while you were there. You can also take deductions for lodging and meals while you're on your trip so save your receipts!

As you can see, there are many tax deductions available to you. To find out about more, set up a "pre-tax" appointment with your accountant or tax pro. They can give you information on additional tax deductions that might apply to your particular industry. When you add up all small stuff, you can end up with some major tax savings!

Diane C. Hughes * ProBizTips.com

Let’s say you DO hire a Virtual Assistant. He/she works 20 hours week for a rate of $35 per hour. That equals $700. On other hand, YOU spend those 20 hours a week making more money. That would give you an additional $2,000 per week (using same example above). You would actually make MORE money ($1,300 more) hiring a Virtual Assistant than you would doing it all yourself.

Where do you find good Virtual Assistants? You can search Web, ask your business associates for recommendations, or check out some of Virtual Assistant (VA) directories online such as http://www.assistu.com. I highly recommend http://www.kesslerva.com.

Whoever you choose, make sure they have experience performing duties you want to delegate. Also, be sure they allow hourly work without contracts (at least in beginning) so that you can get a feel for how he/she does business.

Virtual Assistants can free you up to do what you do best, make money. This is a very affordable alternative to running yourself ragged, and trying to do everything yourself. After all, isn’t one of perks of being a business owner supposed to be more freedom?!

Diane C. Hughes * ProBizTips.com