Secrets To Getting 7 TIPS TO HELP WITH BUSINESS FINANCIAL RECORD KEEPING

  • Secrets To Getting 7 TIPS TO HELP WITH BUSINESS,depreciation details – original purchase agreements or tax invoices, a depreciation schedule, the cost of transporting the items to your business (if applicable), installation costs (if applicable)
  • expense records – cheque butts, receipts, cash register tapes, copies of statements and invoices, credit card documentation, details of payments by cash and log books

Secrets To Getting 7 TIPS TO HELP WITH BUSINESS,Not only does having organized records make it easier and less frustrating for you to file your tax return, but it also ensures that you can take advantage of every deduction or tax credit you’re eligible for. Keeping records also enables you to explain an item on your return that the Internal Revenue Service (IRS) might question in an audit. If you were to be audited and the IRS were to question a credit or deduction and you couldn’t back it up with documentation, the end result could be a higher tax bill.

Secrets To Getting 7 TIPS TO HELP WITH BUSINESS

Simply put, keeping accurate records can get you all of the tax benefits you’re eligible for and prevent you from having to pay additional taxes and penalties for unsubstantiated items.

  • staff and wages details – full details of wages, employment contracts, tax deducted, fringe benefits, superannuation, sick pay, holiday pay
  • basic accounting records – stock records, accounts receivable, accounts payable, other records
  • agreements – sales and purchase contracts, loan agreements, rental agreements, lease agreements, franchise agreements, sale and lease back agreements, trading agreements with suppliers, legal documentation
  • other documents – deposits with utilities, contracts with telephone companies, your business name registration certificate, capital gains records.
Recordkeeping Requirements

Secrets To Getting 7 TIPS TO HELP WITH BUSINESS,Many employers with more than 10 employees are required to keep a record of serious work-related injuries and illnesses. (Certain low-risk industries are exempted.) Minor injuries requiring first aid only do not need to be recorded.How does OSHA define a recordable injury or illness?H

Secrets To Getting 7 TIPS TO HELP WITH BUSINESS,This information helps employers, workers and OSHA evaluate the safety of a workplace, understand industry hazards, and implement worker protections to reduce and eliminate hazards –preventing future workplace injuries and illnesses.

Updated: April 18, 2019 — 8:45 am

Leave a Reply

Your email address will not be published. Required fields are marked *