The Small Business Tax Help Blog

Posts Tagged ‘business tax receipt miami’

Question: Small Business Tax Preparation?

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?

Answer: 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.

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