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Good Record Keeping for Your Small Business These include income (profit and loss) statements and balance sheets. These statements can be a big help when dealing with your bank and creditors. An income statement shows the Valentino Flatsincome and expenses of the business for a given period Valentino Totes of time. A balance sheet shows assets, liabilities and your equity in the business on a given date.
Identify source of receipts: Valentino Rockstud PumpsYou will receive money or property from many sources. Your records can identify the source of your receipts. You need this information to separate Cheap Valentino Sneakers business from nonbusiness receipts and taxable from nontaxable income.
Keep track of deductible expenses: You may forget expenses when you prepare your tax return unless Valentino Shoes you record them when they occur. Believe me you will need all the deductible expenses you can find.
Prepare your tax returns: Records must support the income, expenses and credits you report on your tax returns. Generally, these are the same records you use to monitor your business and prepare your financial statements. You must keep your business records available at all times for inspection by the IRS and/or Valentino Sandals On Sale your State Department of Revenue. If the IRS or State Department of Revenue examines any of your tax returns, you may be asked to explain the items reported. A complete set of records will speed up the examination and make the experience feel that much less like a rectal exam.