Payroll and Bookkeeping

Keeping accurate books and records will enable you to:

• Monitor the progress of your business
• Prepare your financial statements
• Identify the source of your income
• Keep track of deductible expenses
• Prepare your tax returns

In short, good records will help you ensure the successful operation of your business.

So what recordkeeping system should you use? According to the IRS, you may choose any recordkeeping system that clearly shows your income and expenses. I can help make this choice easier by showing you different software applications that can assist you with this task. Except in a few cases, the IRS does not require any special kind of records, nor do they endorse any particular brand of software.

Another issue to be concerned with is an audit. If your business is audited, the IRS will check and make sure that you are using a consistent accounting method. The most commonly used accounting methods are the cash method and an accrual method. In most cases, the type of business will determine which method you must use. I can help you make this choice.

Payroll

Payroll mistakes cost businesses every year. Not knowing what forms to file, when to file these forms, and to whom to send the forms can result in fines or penalties. My experience with payroll matters can help you save money.

There are many forms and schedules that need to be filed with the IRS and state taxing agencies. Some of these forms are filed monthly, some are filed quarterly, and some are filed annually. Knowing what form to use, and when to file it, can also save you money. I am able to prepare all federal and state payroll tax forms.

An important issue to some businesses is whether a worker is an employee or independent contractor. Calling someone a contractor, when they should be classified as an employee, might cost your business thousands of dollars. I can help you properly classify the people who work for you.

Unless you know what you are doing, payroll taxes is not an area to go on your own. You need someone with knowledge and experience to guide you along the way. I am that person.