what records to keep

[jwl5510]

Just started this year part time and have a full time job. Yes i have a business license and 1 million in insurance coverage with a max of 2 million for property damage.


my question is what records to keep for taxes?

equipment, fuel,

How do you file customers for paying tax on money earned?

[MarcSmith]

get quickbooks pro...

it will handle you invoices, taxes, and all your expenses..

I would recommend getting a credit card just for the business (even if its in your own name) and a bank account as well. If you create good habits now, by keeping your personal finances separate from the business, these habits will continue on down the line if you decide to get bigger.

Also keep track of how much you initially invested into the business,for your tax purposes so you can properly apply that to your business income....

Quickbook has a list of business expenses that is really thorough.

[PlatinumLandCon]

Quickbooks PRO is where it's at. Best $200 you'll spend! It will pay for itself by reducing wasted time doing paperwork in 2-4 weeks (depending on how big you are).

[bullethead]

It might be a good idea to have a consultation with a good CPA (not a bookkeeper)to understand state and federal tax compliance/reporting requirements. They could also help you set up your accounting system (i.e. Quickbooks) or refer someone to you that can.