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Accounting & Taxes

Overview

  • Why keep track of your accounting and tax info
  • How to do your book keeping
  • What to know about doing taxes
  • Tax breaks to know about

Why keep track of your accounting and tax info

One essential step in setting up and running a business is doing the book keeping. Knowing how much sales revenue you have and where you're money is being spent is essential to your success.

For example, if you spend $100 on a specific marketing technique in a given month, you will want to be able to track if that technique was effective for you in increasing sales.

This section will give you an introduction to the types on information that you will need to know about regarding doing your accounting for your business as well as some essential tax information.

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How to do your bookkeeping

In order to properly keep track of your accounting records, you will certainly want some type of method of doing your bookkeeping. Whether it is through keeping a notebook full of expenses and revenues by hand, or purchasing a program like Quickbooks to assist you, it doesn't matter, just as long as you have some type of accounting procedure.

As part of the ebusinessplansoftware.com software from this website, you get extensive financial statements to do your projected financials as well as for your bookkeeping.

One software program that we highly recommend in doing your book keeping comes from www.myfinancialsoftware.com. They have a Microsoft Excel spreadsheet that they offer that is completely customized to Traditional or Internet businesses. It sells for just $9.95 and can be purchases online with any major credit card.

This software package is an easy to use Excel spreadsheet that allows you to input your number of visitors to your site, sales revenue, number of purchases, and expenses. Then it automatically calculates your net income, purchase percentages, income per unique visitor, and much more. These are figures and calculations that are essential for you to know about, and the software calculates all of them for you automatically, and it's only $9.95.

What to know about doing taxes

One day that you are familiar with is April 15--tax day. By that date, you will need to file taxes for your business. In order to get all the tax write-offs that you are entitled to, you must have a legally set up business and tax ID number (see Business Name article).

In filing taxes, you must also have the proper tax forms that are available at www.irs.gov. The tax forms that you will need are different for each type of business entity, whether it is a sole proprietor, partnership, LLC, corporation, or non-profit business. You will want to consult with a tax accountant to assist you in filing taxes for your business. You're local county clerk's office will also be able to assist you in knowing which forms you will need to fill out.

In filing taxes, you will need to record how much money you made in the year, as well as where you spent your money. This is why we are going over this now, because you will need to start keeping track of your business expenses, including keeping track of all your receipts for your business.

The ebusinessplansoftware.com financial statements have taken all the categories of expenses that the tax forms asks for and broken those up on the spreadsheet. This allows you to easily record your expenses and adds them automatically, so when tax time rolls around, all you have to do is input the number given for the total expenses in each category for the year on your tax forms. This software makes doing your taxes very easy. It would be a major pain to go back through your receipts at the end of the year to see where you've spent your money.

Tax breaks to know about

The first step in saving money with a home business is to learn what tax deductions are available to you. You can learn about these by contacting the IRS by calling 1-800-tax-form or online at www.irs.gov. There are two tax guides that can assist you: #334 and #530, these are the home/small business tax guides that you'll want to look through.

There are many different tax breaks that you, as a business owner, can take advantage of. Some of those tax breaks are the following:

  • Home business write-offs - If you run your business out of your home, you can write-off a percentage of your mortgage, phone bills, and utilities.
  • Any computer equipment or software that you've purchased for your business use is also tax deductible.
 
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