Bank statements, all cancelled checks and bank deposit records should be kept for three years. Cancelled checks for taxes and contracts should be...
Debit cards are highly discouraged for business use for various reasons:
- It is extremely difficult to maintain an accurate checking account...
Electronic transactions include electronic bill payment systems and vendor generated debits to your account. Details for these transactions need to...
You must use a separate business credit card for business purchases. Do not use your personal credit card. The IRS does not approve of mixing...
If you are an accrual basis taxpayer or need accounts payable listed on your financial statements for your bank, you must provide us with a list of...
Expense reports are used to account for and record business expenses paid personally. This would include business expenses paid by personal cash,...
If your corporation owns the vehicle that you drive, then the corporation should pay all expenses on the vehicle, including gas, oil, repairs,...
Entertainment expenses incurred to entertain a client, customer, or employee may be deductible if the expense meets two tests. First, the...
Items purchased that have over one year of useful life and are over $_____ in value are typically considered depreciable assets. This includes such...
Make sure that you have receipts for all expenditures related to your business. A cancelled check is not sufficient. Be prepared, in case of an...
It is important that you let us know if you are making deposits other than sales or revenue-related deposits. These could take the form of personal...
Depending on your sales tax volume, you will be required to file monthly, quarterly or annually. We can file these for you if directed. Be aware...
