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Taxes can be confusing. Since 1988 I have been helping small businesses prepare their taxes. Of course we will prepare the owners’ individual tax returns as well, but the majority of our consultation and tax preparation work is focused on businesses. We have a staff of long time dedicated tax, payroll and bookkeeping professionals who take pride in the services they provide. Every year we attend seminars to update ourselves on the current tax laws and trends in the industry.

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The IRS requires all businesses to maintain books. These books show your sources of income and business expenses. However, maintaining proper books requires time and effort. Many small businesses cannot afford to hire a full-time accountant. Save time, money and hassle. Let our team take bookkeeping off your hands forever. Focus on the important stuff and not the tedious daily chore of bookkeeping. Our rates are affordable.

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    Small business  owners should keep these  documents for Income Taxes

     Arnold Towle Blog #4 January 27, 2020

    Keeping good records make sense  especially at tax time.  

    Having these documents, and the handy data in them, maximizes deductions and
    will protect your business in the case of a possible IRS audit.
     Are you just starting your business, or you’re an experienced small business owner,
    Here is a  checklist to make sure you’re protecting yourself and your company.
     How long should you keep receipts?
    1. Bank Statements (keep for three years)

    small business documents credit cards

    Bank statements prove that your business is, in fact, generating revenue.
    Most banks give you access to monthly and yearly bank statements online.
    Keep the monthly statements handy until you receive your year-end report.
    Then, securely shred and recycle the monthly statements or
    delete them from your digital files.

    If you’re still receiving paper statements, make sure you get those digitized and
    stored in the cloud. Or better yet, go ahead and sign up for digital statements.
    2. Payable
     and Receivable  invoices (keep for seven years)

    Hold on to invoices that you send for payment or ones that vendors, contractors, and
    suppliers send to you for goods and services rendered.

    In the event you are audited the IRS pays attenion to Cash and Account Receivable Invoices
    because they prove income.  While Payables invoices serve as expense documents
    thus the Profit and Loss Statement is estabished.

    Here are some examples of invoices small business owners should keep:

        An invoice from the manufacturer you purchase office supplies from
        Your invoice for your internet provider
        Your monthly invoice from your packaging provider
        An invoice you sent to a client who made an order over the phone instead of
    through your site
    Include a description and make it  clear the invoice was for a business expense.

    3. Home office expenses (keep for three years)

    small business documents for taxes

    One of the best things about owning your own business is the option to work from home.
    If you do work from home and have a designated space you use to work, you can make deductions
    based on that square footage.

    If you’re curious if your home office meets the IRS regular use test,
    you can check it against their standards here.

    The major advantage of a home office is the large range of deductions you can claim
    because of it.

    Hold onto your utility, internet, home insurance, second phone line,
    and property tax bills. Little or sometimes all, of these bills could also be
    deducted from the taxes you owe.
    4. Office supply expenses (keep for three years)

    In addition to your home office expenses, you can also deduct the supplies you use to
    furnish your office.(Office Furniture, Fair market value of your computer
    when your business began

    Did you buy a new computer, printer, and desk to help run your new e-commerce store or
    photography business? That’s deductible. Just be sure to keep the receipts.
    5. Vehicle and mileage expenses (keep for three years)

    Even if you’re conducting most of your business from home, the occasional
    use of your personal vehicle for business activity can be deducted.
    This is known as a “combination personal/business-use asset.”  

    Whether you’re meeting with a graphic designer at a coffee shop or picking up supplies
    from your local crafts shop, it’s important to track those trips.

    Track your miles traveled using a notebook in your car or download one
    of the free mileage tracking apps out there.

    You should also hold onto bills for routine maintenance such as o

    il changes, tire rotations, or other major automobile repairs.

    To stay on the more cautious side, always ask for itemized receipts that break down
    exactly what services and parts were included.  

    6. Advertising expenses (keep for three years)

    The good thing about marketing and advertising is that they’re deductible expenses.

    If you’re paying a monthly fee for CRM and marketing automation, for instance, you can deduct that. If you’re paying someone to manage your AdWords, that’s deductible too. You could also deduct the expense of running your own PPC ads.  

    Another convenient thing about digital advertising expenses is that almost all of them
    give you digital eReceipts. eReceipts are extremely easy to keep track of. S
    imply create a “Receipt” folder in your email program, and drag and drop them in there as
    soon as you receive them.

    I should note that eReceipts and other digital forms of receipts are always accepted
    by the IRS. They’ve been accepting them since 1995.

    7. Monthly cash expense book. record all cash receipts not recorded in your accounting
       software to maximize your tax deductions
    8. Tax returns (keep for at least three years)

    Your accountant will likely want to reference last year’s return for this year’s filing.
    The IRS could also ask for them if you’re audited.  

    Many tax services and software give you the option to download a PDF of your returns
    so you can store them digitally. As I’ve said above, always take advantage of going digital.


    I’d also like to note that it never, ever hurts to hire an accountant.
    Their job is to know the updated tax codes, and they can ensure that your
    business stays compliant. Yes, TurboTax Business is an awesome tool,
    but it never hurts to have a tax professional look over and have a review of your records and
    Year end Financial Statements just before you file your year end Tax Returns.  

    If you’re self-employed and have a home office, look into the home office deduction to
    see whether you can deduct some of the costs of maintaining your home and save money
    on your federal taxes. Just make sure your home office meets IRS requirements and
    keep careful records to substantiate your deduction.

    A senior Tax PRO specialist with A+ Tax Services Florida, Arnold Towle is a seasoned  
    Tax person  with more than 32 years  in the tax industry. He has worked as a tax analyst,
    Controller and  tax accountant. He has accounting degrees and certifications
    from Florida Atlantic University  and he is able to practice AFSP before the IRS.
    You can find him  on LinkedIn. Or you can call him for free at 1-305-274-3316

    Want help maximizing deductions?

    File your Taxes Now
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    Give us a call at 305-274-3316 for free help.


    Arnold Towle | 01/25/2020

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