Need Help With Your Bookkeeping?
An important part of any business is the company’s bookkeeping efforts. The type of bookkeeping system you use is really up to you as long as you keeps a detailed record of all your expenses and income. In almost all cases, there are no special requirements for keeping your records. On the other hand, every business has different kinds of records it needs to keep in regards to taxes. Obviously, one of the most important questions you need to answer is what kind of records, or documents do you need to save?
Make sure you keep track of all your gross receipts, which is any kind of income your business received during the year. You also need to keep a detailed record of all your purchases, which are the products you buy to resell to your customers. They are not the same as the products you buy for your company to use for conducting business. Those are called expenses and you need to keep track of all of those as well. Save every receipt and make sure that they show the expense was for a business purpose.
There are many other types of expenses as well, including transportation, travel, entertainment and gift expenses, which can also be used as deductions, but you need to keep all the relevant documentation to prove these expenses.
Bookkeeping is no doubt a crucial part of any business, especially when it comes to tax time. If you would like to learn more about the importance of bookkeeping and what kinds of specific documents you need to hold onto, then please click here. You can also contact us for more info by clicking here.
Kollectiv AI
Late one night in San Francisco, long after his kids had gone to sleep, Andrey Akselrod sat at his desk staring at a small stack of papers that had come to define his year. They were hospital bills—simple on the surface, catastrophic in practice. The visit itself had lasted only 24 hours. The aftermath stretched…
The Great Estate & Gift Tax Showdown of 2026
1. Background Current Law (2025): As of 2025, the U.S. federal estate tax imposes a 40% tax on the value of estates and lifetime gifts exceeding a unified lifetime exemption of about $13.99 million per individual (double for a married couple using “portability”)[1]. This exemption – also applicable to the generation-skipping transfer (GST) tax –…
Redefining Wealth With Purpose
How Brad Connors Is Redefining Wealth With Purpose From Tragedy to Triumph When Brad Connors speaks about financial purpose, he’s not reciting a corporate mantra—he’s reliving a lifetime of lessons. At just two years old, Connors lost his father in a car accident that also left him hospitalized with a collapsed lung. That tragedy, coupled…
Marc Henn on Building True Wealth: Beyond Portfolios and Toward Purpose
When Marc Henn launched Harvest Financial Advisors nearly two decades ago, he wasn’t trying to reinvent the financial-services wheel. He was trying to realign it. After more than 35 years in the industry, Henn had seen what he calls the “black marks” of the profession—transactional mindsets, one-off sales, and the steady erosion of authentic client…