How should I record my business transactions? Internal Revenue Service
Missing deadlines can result in penalties, even if you’re profitable and can pay the tax. Sales tax collection and payment schedules can also vary by state and locality, so check your local requirements. As a small business owner, you’ll need to track tax deadlines throughout the year, not just April 15th. There are a lot of tools that can help your business stay organized, and make bookkeeping easier. This report helps you spot trends, like rising costs in certain categories or seasonal revenue patterns. The bottom line of your income statement – your net profit or loss – tells you […]
