I l @ ve RuBoard |
Certainly all this information can seem overwhelming when just starting out on a new venture. Talk about taking the wind out of your sails. One key way to stay coherent while handling taxes is to keep a consistent, commonsense approach for record keeping. Here are a few pointers:
There are many good reasons to keep organized and consistent records for your business aside from saving time and aggravation. Well- maintained records provide information regarding profit and loss, expenses, cash flow, and most important, your bottom line. Keep any and all records related to the running of your business. This includes payments made to your business, bills paid out, and all expenses. Save all your check stubs, deposit slips, invoices, and purchase orders. These items serve as your proof for the entries made into your bookkeeping ledger. For example, if you purchase a new laser printer for your home office and enter it into the books as a business expense, you should also have the receipt in case the IRS wants to see proof of purchase. |
I l @ ve RuBoard |