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Bookkeeping

One of the key aspects of early tax planning you'll need to consider is your company's bookkeeping.

Hourly rates for bookkeeping services run $20-$50 an hour, depending on complexity and location. You can hire me an experienced bookkeeper for a minimum monthly charge of $50-$100 for small businesses / or $125-$250 for a medium-size business. 

Receipts

Why is it important to keep receipts?

Accurate records help any size business. ... Keep track of deductible expenses– in business things get busy and that is a good thing. Keeping receipts of all transactions will help you to not overlook any possible deductions. Prepare tax returns- business receipts help recreate the picture of what your tax year was like.

What is the Purpose of a receipt?

First, they note the details of a customer's purchase, including itemized products and services, unit prices, subtotals, taxes, and totals. The receipt also indicates the date of purchase, which is especially important to business buyers that use receipts to record transactions.

How long do you need to keep your receipts?

3 to 7 years

Keep receipts that support tax deductions for three to seven years. The Internal Revenue Service can randomly audit your return up to three years after the filing date or if it suspects you made an error. That deadline extends to six years if it believes you underreported income by 25 percent or more.

Do you need to keep original receipts for taxes?

The IRS has always accepted physical receipts for audit and record-keeping purposes. As of 1997, the IRS accepts scanned and digital receipts as valid records for tax purposes. ... In other words, digital receipts are acceptable as long as you can deliver a copy of them to the IRS when necessary.