As a small business owner, you have many responsibilities to take care of to help make your business a success. A superior product or service is good to offer, but it won’t keep you from getting audited by the IRS. By having a small business accountant in Tucson as part of your team, you can focus on what you need to do to make your business grow—and let the experts handle your financials. Read on to learn what you can do as a business owner to keep the IRS satisfied and reduce the chances of an audit.
The IRS wants to know how much money you had come in in the past year, as well as how much you spent. Make sure you have detailed records of all of your receipts, including your cash register tapes, invoices, and deposit information for both cash and credit sales. An accountant can help you determine the best way to store and organize these receipts to make it easier once tax season arrives.
If you buy items to resell to customers, the IRS wants to know how much you spent. Make sure you keep detailed records of what you buy, including raw materials if you are actually manufacturing products. The documents should show how much you spent, the method used to pay, and what exactly you were spending money on. Talk to your accountant if you are unsure about what should be included in your purchasing documents.
Many business owners rely on an accountant when it comes to taxes, as this is where the financial side of business can get very tricky. You need to pay payroll taxes, report all wages and tips, and have detailed information on each employee who is getting paid. Keep all employment records for at least four years should you encounter any problems with the IRS.
Let Ledger Solutions help keep your business running smoothly. We provide expert accounting services in Tucson for small and growing businesses. Call us at (520) 618-5390 to find out what we can do for you.