Buying a Business For Dummies

Chapter 15

Ten Ongoing Tax Jobs

IN THIS CHAPTER

Developing and maintaining a business accounting system

Fulfilling tax filing requirements with good record-keeping

Running your own business means hard work and long hours.

One of the ways that you keep score is to track your business revenue and expenses; the difference between the two is the profit or loss for your company. We strongly recommend that you utilize a system for accounting for your business inflows and outflows. This helps you stay on top of what’s going on in your business and to ease the pains of completing the never-ending stream of tax forms required by state and federal government tax authorities quarterly and annually.

In this chapter, we describe the basics of developing a business accounting process for your small business. We also discuss how to fulfill the myriad filing requirements of the tax authorities by keeping proper records.

Keeping Track of Your Small Business Revenues and Costs

If you’re thinking about starting a business or you’re already in the thick of one, make sure you keep a proper accounting of your income and expenses. If you don’t, you’ll have a lot more stress and headaches when it comes time to complete and submit the necessary tax forms for your business.

Besides helping you over the ...