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Old 03-02-2020, 06:57 AM
 
Location: WY
5,846 posts, read 4,108,195 times
Reputation: 6832

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Holy Cow - I'm a one woman operation, almost done pulling all my tax info together and putting it into some kind of format that my accountant (and if worse came to worse - the IRS) can make sense of. Feel like the owner of Amazon instead some little hole-in-the-wall business, because of all the paperwork.

Of course, if I kept up with it instead of throwing receipts into monthly envelopes it wouldn't be such a PIA now. But I don't. Pay quarterly taxes so revenues stay up to date. Expenses? Not so much. Vowing to try to do better this year but we're into March right now and it's not looking good.

What about you guys (especially very small businesses)? Do you keep up-to-date or deal with it all at the end of the year?
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Old 03-03-2020, 12:41 AM
 
322 posts, read 185,523 times
Reputation: 1249
I handle all of the bookkeeping for our small retail business. I use GnuCash, an open-source accounting software, because we did not want to use something cloud-based, and I enter receipts for business expenses and daily sales at the end of each day. If you keep up with it, it only takes a few minutes, and then tax time is just a matter of running a yearly report and transferring numbers to the tax form, rather than trying to do a year's worth of bookkeeping all at once. It's also far easier to keep track of what category expenses fall into if you're entering them as you go - does that line of gibberish letters on the Wal-Mart receipt indicate that I bought office supplies, or inventory for resale, or some depreciable asset that goes under a Section 179 deduction?

It's never too late to start being more organized, even if you just throw everything from the first two months in a shoebox to deal with later and make this day one. Good luck!
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Old 03-03-2020, 07:46 AM
 
5,122 posts, read 3,414,457 times
Reputation: 10396
I also do all our bookkeeping and taxes. Our retail sales are simple, everything is handled through the register and monthly/annual reports are a breeze with a click of a button. Our online sales are much more complicated because we sell through multiple channels. I compile those every quarter for our sales taxes.

I have changed the way I keep track of our expenses after going through a full IRS audit. They needed to verify every expense through the payment accounts (bank account, PayPal, credit cards) versus the paper invoices. So now I file all invoices by vendor and the following year I go through each payment account and total up how much we paid each vendor and for each expense category (advertising, travel, etc), print that spreadsheet and put it in the appropriate file.

The agent was fine with the accounting system I used, but that wasn't proof. The proof was how much was actually paid out. We're a small family business with lots of transactions so I'm not going to bother entering most items into an accounting program anymore.
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Old 03-04-2020, 01:12 PM
 
6,933 posts, read 3,131,693 times
Reputation: 21007
Quote:
Originally Posted by juneaubound View Post
Holy Cow - I'm a one woman operation, almost done pulling all my tax info together and putting it into some kind of format that my accountant (and if worse came to worse - the IRS) can make sense of. Feel like the owner of Amazon instead some little hole-in-the-wall business, because of all the paperwork.

Of course, if I kept up with it instead of throwing receipts into monthly envelopes it wouldn't be such a PIA now. But I don't. Pay quarterly taxes so revenues stay up to date. Expenses? Not so much. Vowing to try to do better this year but we're into March right now and it's not looking good.

What about you guys (especially very small businesses)? Do you keep up-to-date or deal with it all at the end of the year?

Get in the habit of entering your receipts at the end of every day. That way you avoid this misery.



Heck, if you have QuickBooks, use your mobile app.
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Old 03-04-2020, 09:10 PM
 
7,823 posts, read 3,419,145 times
Reputation: 7080
Quote:
Originally Posted by juneaubound View Post
Holy Cow - I'm a one woman operation, almost done pulling all my tax info together and putting it into some kind of format that my accountant (and if worse came to worse - the IRS) can make sense of. Feel like the owner of Amazon instead some little hole-in-the-wall business, because of all the paperwork.

Of course, if I kept up with it instead of throwing receipts into monthly envelopes it wouldn't be such a PIA now. But I don't. Pay quarterly taxes so revenues stay up to date. Expenses? Not so much. Vowing to try to do better this year but we're into March right now and it's not looking good.

What about you guys (especially very small businesses)? Do you keep up-to-date or deal with it all at the end of the year?
The highlighted sentence, as written, makes zero sense. Can you explain what you’re trying to say?
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Old 03-05-2020, 07:12 AM
 
5,122 posts, read 3,414,457 times
Reputation: 10396
Quote:
Originally Posted by TaxPhd View Post
The highlighted sentence, as written, makes zero sense. Can you explain what you’re trying to say?
I thought maybe she was talking about filing her state's sales taxes, which typically are due quarterly or monthly.
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Old 03-06-2020, 07:05 PM
 
Location: WY
5,846 posts, read 4,108,195 times
Reputation: 6832
Quote:
Originally Posted by TaxPhd View Post
The highlighted sentence, as written, makes zero sense. Can you explain what you’re trying to say?
Sorry. Sales tax.
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Old 03-26-2020, 07:35 PM
 
Location: near Fire Station 6
987 posts, read 409,749 times
Reputation: 827
Quote:
Originally Posted by juneaubound View Post
Holy Cow - I'm a one woman operation, almost done pulling all my tax info together and putting it into some kind of format that my accountant (and if worse came to worse - the IRS) can make sense of. Feel like the owner of Amazon instead some little hole-in-the-wall business, because of all the paperwork.

Of course, if I kept up with it instead of throwing receipts into monthly envelopes it wouldn't be such a PIA now. But I don't. Pay quarterly taxes so revenues stay up to date. Expenses? Not so much. Vowing to try to do better this year but we're into March right now and it's not looking good.

What about you guys (especially very small businesses)? Do you keep up-to-date or deal with it all at the end of the year?

I am trying to be more organized. I need to fix the Amazon store but I am low on inventory, just ordered more. I am behind on invoicing the Vendors and need to get the sales tax return ready for end of April for my CPA to do. I am hiring now while it is slow so I can get the work done. Lots of people need extra income right now. I hate anything IRS related so I will be requesting an extension from my CPA again 3rd year in a row.
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Old 03-27-2020, 04:13 AM
 
1,285 posts, read 538,260 times
Reputation: 2297
I use Quickbooks and enter receipts daily. It's part of my routine - clear off desk of receipts and checks received, complete orders for the day, invoice and send out completed orders, prep work on new orders and organize by due dates.
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