You may forget expenses when you prepare your tax return unless you record them when they occur.
You will receive money or property from many sources. Your records can identify the source of your receipts. You need this information to separate business from nonbusiness receipts and taxable from nontaxable income.
You need good records to prepare your tax returns. These records must support the income, expenses, and credits you report. 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. If the IRS 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.
You need good records to prepare accurate financial statements.
Records can show whether your business is improving, which items are selling, or what changes you need to make.
Whether you are a start-up business or a mature corporation, the value of an accurate set of books cannot be overstated. Professional grade bookkeeping services will greatly reduce the stress of running a business and get you the financial information you need to make informed decisions.
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Convenient client links to so you can easily check on the status of your refund. Simply click on a link below.
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