Small Business Finance and Accounting Requirements
Our guest speaker is a small business owner who is an outstanding, dynamic and passionate speaker on the ins and outs of finance, recordkeeping and taxes for your small business. He will be going over and teaching you what you need to do to get ready to file your taxes, what information you need to prepare for year end. If you have accounting, taxes and recordkeeping questions, he is the one who can help give you the answers and make sure your books are in order. What kinds of records should I keep? You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes. How long should I keep records? The length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as they may be needed to prove the income or deductions on a tax return. How long should I keep employment tax records? You must keep all of your records as long as they may be needed; however, keep all records of employment taxes for at least four years. How should I record my business transactions? Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. These documents contain information you need to record in your books. What is the burden of proof? The responsibility to prove entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove (substantiate) certain elements of expenses to deduct them.
Speaker(s): Tommy Alvis
Fee: No Cost