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Small business tax preparation?

Question: Small business tax preparation?

(Posted by: fmp on 2009-07-21 10:48:58)

I started a small business this year. I don’t expect I will make a big profit, if any at all, so I don’t know if I can afford an accountant. I have been keeping my major receipts but have not been keeping my smaller charges ( <$25). Is that OK as long as I keep my register up to date? If I got audited would a register be acceptable or would I need to have every single receipt?


Answers:

Posted by: 123456789 on 2009-07-21, 11:52:57

You are okay. As long as you have a good set of books (register), you would be fine. In case of an audit, the IRS (or the department of revenue in your state) is not going after $5 dollars of supplies, for example. Do keep receipts/ invoices for major expenditures; those would be targeted first.

  

Posted by: Joseph on 2009-07-21, 12:29:14

As long as you keep any major expense that is fine and you would for no reason be audited. Maintaining the records it the most important. Keeping your register up to date is also very good; you need to be as transparent as possible so the IRS does not see any wrong doing and no problems should occur.

  

Posted by: travelguruette on 2009-07-21, 13:03:28

From now on keep every single receipt. If you are audited you will need them.

  

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