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.
IRS Has Handed Out More Than $100 Billion in Refunds so far
As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported…
There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe
There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for…
Should You Pay Estimated Taxes?
For most people tax time only comes once year. However, for anyone who has to pay estimated taxes a large tax bill could be due several times a year. Again, most people do not have to worry about paying estimated taxes, but there are several circumstances that will put you in that category. The most…
Do not Be the Victim of a Tax Scam
As the tax season continues to be in full swing we here at GROCO continue to hear of more and more tax scams making the rounds. We’ve discussed tax scams before, but it never hurts to repeat this important information, especially at this time of year when tax scammers are so prevalent. In fact, several…