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.
What Is Section 1202 Stock?
The Protecting Americans From Tax Hikes Act of 2015 (PATH Act), which was signed into law late last year, finally made several temporary tax breaks permanent. Among the tax breaks included is the Small Business Stock Gains Exclusion, known as Section 1202. So what is the Small Business Stock Gain Exclusion? Section 1202 is designed…
Some of the Most Amazing Tax Deductions Ever
At GROCO, we have been doing this for more than 50 years. That means we’ve heard just about every crazy tax story you can imagine. With tax season now officially in full swing we thought we would share some of the craziest tax deduction stories we’ve ever heard; and they’re all true. A gas station…
Is The U.S. Really a Low-Tax Country?
Many U.S. taxpayers feel that our country’s taxes are too high, no matter which economic class you’re in. Likewise, regardless of which side of the political world you rest, most people would agree that the U.S. tax system needs some serious upgrading, and not just some fine-tuning. However, it appears that compared to many of…
Will Your Tax Return Draw the IRS’s Attention?
No one wants to experience a tax audit. The good news is that most people never will have to go through that experience. The IRS simply doesn’t have the time and resources to audit every tax return. In fact, the IRS only audits about 1 percent of all returns. That means most people don’t have…