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Small Business Accounting 101

If you are in business, then guess what - youclaim a deduction make sure your records are
are either an accountant by default or youin order and you are prepared to be
need to hire one. Why? People ask thatquestioned if such questions arise. The
question while letting the year roll by untilpractice of over filing expenses with the
taxes come due. Oh no! Why do I havefederal government and fabrication of records
penalties?is a federal offense and can carry legal
ramifications  beyond  penalties  and  fines.
Simple, you are not an accountant and you
should have hired on. So the first rule ofIn fact you can be imprisoned for fabrication
business accounting is to hire one if you areof any information regarding your taxes.
not one. Second rule of business accountingGoing to prison for bad record keeping? Now
is to hire an accountant to review yourthat  is  a  bad  way  to  end a fiscal year.
accounting  before  filing  taxes.
Keeping track of money coming in is as much
Most individuals starting a business areof an issue as keeping track of money going
unaware that the filing deadlines forout. Simple bank statement preservation can
corporations and small businesses arego a long way to keeping things on track for
different from personal filings. Whileyour new business. Keep them in a "safe"
personal income tax returns are due in April.place preferably a fire proof safe if
Corporate and business tax returns are due inpossible. Remember all the responsibility
March. His often leads to many late fees andrests squarely on your shoulders no on
so forth associated with late filingelse's. The federal government does not care
penalties.if your building burns to the ground before
the tax year is over. You are still
Keeping good records is another concern forresponsible for your taxes and the
most new business owners starting out. Manyramifications for not filing can be expensive
new business owners do not understand the taxones.
code and do not understand what can be
written off as an expense and what cannot beGood accounting software should be your first
written off as an expense. These small errorsstop if you plan to keep you own accounting
will also lead to penalties and additionalrecords. There are several packages out there
fees  associated  with  your  filings.some are expensive and some a cheap. Pick one
that meets your needs best not the biggest
Make sure to keep all receipts or onlinejust because it appears to be the most
order forms for later reference and keep themexpensive or the one with the most features.
organized. There is nothing worse than theRemember, you have to learn how it works in
end of the year sorting festival. Receiptsorder to keep good records. So keep in mind
get lost and records can be incomplete if notyour own personal limitations when purchasing
taken seriously. Do under estimate the poweraccounting  software.
of organization and the process of organizing
your  records.  Keep  them  tight!Finally, if you accept cash then document the
transaction with a receipt. Never take cash
Giving to charity must also be carefullywithout a receipt and always claim your cash
monitored and accounted for by both parties.receipts at the end of the year. After all,
The philanthropist and the charity shouldthe greatest Mafia bosses and organized
both get a receipt and have good records. Ifcriminals of our time were not prosecuted for
you give time then keep good logs of yourmurder or the other hideous crimes they were
time and have the charity you donate toin charge of. They were imprisoned for not
accept and sign for your log. You need afiling  taxes  on  cash  receipts.
receipt!
A good accountant can help you to avoid
Warning! Take great care not to fabricate orpenalties and over taxation. Hire one they
provide false deduction information. If youare worth every penny in the long run.



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