| If you are in business, then guess what -
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| | to be questioned if such questions arise.
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| you are either an accountant by default
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| | The practice of over filing expenses with
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| or you need to hire one. Why? People ask
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| | the federal government and fabrication of
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| that question while letting the year roll
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| | records is a federal offense and can
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| by until taxes come due. Oh no! Why do I
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| | carry legal ramifications beyond
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| have penalties?
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| | penalties and fines.
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| Simple, you are not an accountant and you
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| | In fact you can be imprisoned for
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| should have hired on. So the first rule
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| | fabrication of any information regarding
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| of business accounting is to hire one if
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| | your taxes. Going to prison for bad
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| you are not one. Second rule of business
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| | record keeping? Now that is a bad way to
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| accounting is to hire an accountant to
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| | end a fiscal year.
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| review your accounting before filing
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| | Keeping track of money coming in is as
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| taxes.
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| | much of an issue as keeping track of
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| Most individuals starting a business are
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| | money going out. Simple bank statement
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| unaware that the filing deadlines for
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| | preservation can go a long way to keeping
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| corporations and small businesses are
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| | things on track for your new business.
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| different from personal filings. While
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| | Keep them in a "safe" place preferably a
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| personal income tax returns are due in
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| | fire proof safe if possible. Remember all
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| April. Corporate and business tax returns
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| | the responsibility rests squarely on your
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| are due in March. His often leads to many
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| | shoulders no on else's. The federal
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| late fees and so forth associated with
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| | government does not care if your building
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| late filing penalties.
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| | burns to the ground before the tax year
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| Keeping good records is another concern
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| | is over. You are still responsible for
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| for most new business owners starting
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| | your taxes and the ramifications for not
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| out. Many new business owners do not
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| | filing can be expensive ones.
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| understand the tax code and do not
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| | Good accounting software should be your
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| understand what can be written off as an
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| | first stop if you plan to keep you own
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| expense and what cannot be written off as
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| | accounting records. There are several
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| an expense. These small errors will also
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| | packages out there some are expensive and
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| lead to penalties and additional fees
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| | some a cheap. Pick one that meets your
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| associated with your filings.
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| | needs best not the biggest just because
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| Make sure to keep all receipts or online
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| | it appears to be the most expensive or
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| order forms for later reference and keep
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| | the one with the most features. Remember,
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| them organized. There is nothing worse
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| | you have to learn how it works in order
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| than the end of the year sorting
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| | to keep good records. So keep in mind
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| festival. Receipts get lost and records
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| | your own personal limitations when
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| can be incomplete if not taken seriously.
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| | purchasing accounting software.
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| Do under estimate the power of
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| | Finally, if you accept cash then document
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| organization and the process of
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| | the transaction with a receipt. Never
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| organizing your records. Keep them tight!
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| | take cash without a receipt and always
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| Giving to charity must also be carefully
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| | claim your cash receipts at the end of
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| monitored and accounted for by both
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| | the year. After all, the greatest Mafia
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| parties. The philanthropist and the
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| | bosses and organized criminals of our
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| charity should both get a receipt and
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| | time were not prosecuted for murder or
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| have good records. If you give time then
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| | the other hideous crimes they were in
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| keep good logs of your time and have the
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| | charge of. They were imprisoned for not
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| charity you donate to accept and sign for
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| | filing taxes on cash receipts.
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| your log. You need a receipt!
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| | A good accountant can help you to avoid
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| Warning! Take great care not to fabricate
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| | penalties and over taxation. Hire one
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| or provide false deduction information.
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| | they are worth every penny in the long
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| If you claim a deduction make sure your
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| | run.
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| records are in order and you are prepared
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