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what records to keep

Discussion in 'Business Operations' started by jwl5510, Jul 11, 2007.

  1. jwl5510

    jwl5510 LawnSite Member
    Messages: 85

    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?
  2. MarcSmith

    MarcSmith LawnSite Fanatic
    Messages: 7,157

    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.
  3. PlatinumLandCon

    PlatinumLandCon LawnSite Bronze Member
    Messages: 1,315

    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).
  4. bullethead

    bullethead LawnSite Senior Member
    from Texas
    Messages: 273

    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.

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