The Small Business Tax Help Blog

Posts Tagged ‘receipts’

Question: Can I use receipts that are dated be for my incorporation of my business?

I have been saving receipts since this year for my business. however, I have not inc. it yet but will in the next few weeks. Can I use this receipts for tax purposes come next tax season?
I will incorporate an LLC!

Answer: You can use those receipts for your PERSONAL income tax return, but not for the corporation’s return. See your incorporation attorney for further advice.

Former cop avoids jail by repaying tax receipts he pocketed

Johnnie A. Fritz Jr., a former Buffalo police officer and car dealer, today was spared a jail term and granted a conditional discharge after prosecutors confirmed he had come up with the nearly $13,000 in sales tax receipts he owed the state.

FASCISM: Tax System Of, By, & For Mega Corporations Against Small Business And People

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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Farmington remained busy throughout the year

The year 2009 was a busy one for Farmington residents. From the loss of a sizable employer, the astounding response of donations to help the local food pantries, to hosting an internationally-viewed race, most would say the year was full of ups and downs.

Organizing your receipts and expenses with shoeboxed.com