NASE Blogs

Tax Talk Postcard - Dallas, TX [GUEST POST]

Mar 17, 2010

Keith, Maureen and Molly of the NASE (first, middle, last) pose with SBDC staff.

Posted by Molly Nelson - It was another early morning at the North Texas SBDC at El Centro College for our fourth seminar of 2010.  Because the seminar was so close to the NASE's headquarters in Grapevine, Texas, we had a great showing of employees and friends of the NASE - Maureen and me from the NASE's DC office, as well as John Hearrell and Scott and Barbara Scribner joined Keith at the seminar. The staff from the North Texas SBDC was so helpful and welcoming. We had a great time meeting and getting to know Jim, Yvonne and Gwen. 

There were a handful of NASE members at the seminar, and quite a few other small business owners from the area. Perhaps not as large a turnout as some other seminars, but the 20 attendees asked a lot of great questions. 

For example, one attendee wanted to know if the IRS audits you, can they audit you for more than one year? Keith stressed that the most important thing is to show up to your audit organized with your stack of all of your records from the year that they want to audit (mileage log, meal and travel receipts, business bank account statements, etc.). Now is the time to be organized because when you get audited you want to have everything organized because two and half years from now you won't remember why you went somewhere or anything like that. 

The tax tip that stuck with me from today's seminar is to keep separate business and personal bank accounts if you don't already. After we wrapped up the seminar, Keith, Maureen and I packed up to head to Austin, Texas for the San Marcos and Round Rock seminars. The morning was overcast, but as we drove to Austin the sun came out. We saw horses, cows and longhorns on our drive, and more longhorns when we reached Austin. Being a proud UT Alum, Keith couldn't drive by the campus without showing Maureen and me around his alma mater. We took the driving tour of the main landmarks of campus, including Keith's freshman year dorm (there's still a plaque, he says). After checking into our hotel in San Marcos, we headed back to Austin for dinner and to see the other sights. I know that Austin is big about "keeping Austin weird," but I didn't think Austin was weird, I thought it was a cool and fun place to visit!