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.
Seven Signs Your Noncompliance Will Be Considered Willful
Seven Signs Your Noncompliance Will Be Considered Willful There are many ways taxpayers can get the attention of the IRS. Although a lot of people make innocent mistakes when they file their tax returns, there are others who willfully look for ways to skip out on the taxes they owe. The IRS does treat those…
Make Sure Your Heirs Inherit What You Want
Make Sure Your Heirs Inherit What You Want. The saying goes that their only two things that are certain in life: death and taxes. While people can generate endless amounts of money when they’re alive, they can’t live forever and they can’t take that wealth with them when they die. However, they can have a…
Will Taxing the Rich Even More Improve Inequality?
Will Taxing the Rich Even More Improve Inequality? It’s been the cry of democratic lawmakers and many of the less fortunate for years: “We need to tax the wealthy even more.” “The rich have to pay their fair share of taxes, too.” The problem is the rich already pay a huge portion of the country’s…
It Pays to Be Rich for These Five Tax Breaks
It Pays to Be Rich for These Five Tax Breaks Although it’s true that the ultra-wealthy are heavily taxed, and in many cases unfairly, there are also some tax break advantages that favor the upper class more than those in the middle. Let’s take a look at some of these breaks. Most common and first…