Business Tax

Forum|Forum|1 year ago
May 22, 2024
2 replies
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I have a small business as a sole proprietor and a little overwhelmed with the requirements concerning business taxes. Specifically, the deductions and what I need to keep in the event of an audit. I just need overall assistance.

Ask the Experts - Biz Tax - May 2024

VolvoGirl

Employee

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

shirleyh88

Hello birdsong40,

Thank you for your question. I am happy to assist you.

Congratulations on becoming a sole proprietor!

It is always a good idea to keep good records regardless of whether you are an individual or a business owner.

Good records will allow and assist you in monitoring your business, manage and prepare your finished statements, keep track of your income and expenses, assist in preparing your tax returns as well as use the information within your records as supporting documentation.

In addition to saving the hard copies of your records, you should also consider saving them electronically as a digital file.

Please refer to the below IRS link regarding recordkeeping:

https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

Please let me know if you have any questions.

Thank you,

Shirleyh88

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