What is the best way to keep records of a hotdog business and for the IRS. I'm not sure how to go about this.
2007-06-23 15:18:53 · 6 answers · asked by larry s 1 in Business & Finance ➔ Taxes ➔ United States
1. Get a checking account for the business and keep an accurate checkbook.
2. Keep all receipts.
3. work with an accountant.
2007-06-23 15:29:10 · answer #1 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
What I would do is keep a folder for each month with every receipt for things purchased by the business, and keep track of your sales on a daily log and include this in the folder as well. Basically, keep EVERYTHING....get ahold of whoever does your taxes and ask them if there's anything extra that would make their job easier at tax time. Hope this helps!
2007-06-23 15:44:36 · answer #2 · answered by stephanie_nature 2 · 0⤊ 0⤋
Just keep every single receipt having to do with the business as well as miles driven on behalf of the company. If you donated to a charitable entity on behalf od the business, keep the check. It's all deductable. Also, keep a daily log of items sold and for how much as well as any bank statements.
-MM
2007-06-23 15:30:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Download some software to keep track of earnings and you can also make your own forms print them out and use each one everyday and on end of the month or week put them all together.
Good software is SoftwareCEO .
2007-06-23 15:27:58 · answer #4 · answered by adis.alic 2 · 0⤊ 0⤋
per irs
http://www.irs.gov/businesses/small/article/0,,id=98476,00.html
2007-06-23 20:19:21 · answer #5 · answered by hi91977 3 · 0⤊ 0⤋
get an accountant
2007-06-23 15:23:28 · answer #6 · answered by sneauxman 2 · 0⤊ 0⤋