From William T Lasley,
Your Guide to Arts / Crafts Business.
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Taxes are one of the most important, but often neglected, aspects to running a successful business over a long period of time. But many of us do not know very much about keeping up with tax responsibilities and therefore end up doing a shoddy job of maintaining the books. I cannot stress this fact enough: if you are going to do business, you must file and pay any taxes due on a regular basis. The IRS will charge stiff penalties (including criminal charges) if you do not perform this important task! Here are some ways to help you keep up with this unpleasant chore.

Use Software

There are a lot of products on the market to help you with bookkeeping. One of the most popular small business software suites on the market today is QuickBooks. This software will help you keep track of income and outgo while maintaining your tax responsibilities. The only downfall to QuickBooks is that it can be a little pricey. But the features you gain are worth the extra money. If you do not use this software, find something to help you keep records of your income and expenses. There are lots of other packages on the market for small businesspeople that will allow you to run your books with ease.

Keep Receipts

If you ever face an audit, the only proof you will have of deductions will be receipts. Keep receipts of everything that you deduct including office supplies, utilities, raw materials, bank statements and anything else that can be used to document your returns. In the event that Uncle Sam comes calling, you will be well prepared. It is advisable to keep your receipts for 6 to 10 years.

Hire A CPA

Let’s face it, when it comes to the important things in life, it is good to hire a professional. That goes for taxes as well. If you keep good records and have your information in small business software, you have done your part in maintaining your tax liabilities. Now, find a good CPA to help you sort it all out. You may be overlooking important deductions or you may unknowingly be taking a deduction that is now allowed by the IRS. Tax codes routinely change and a good accountant can help you keep up with them.