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Small Business Accounting 101

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




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