In this article I will discuss what to store receipt, and give an overview of which taxes and delivery need to know.
-What admission save / toss that
1. Personal – store only those receipts that relate to something in your tax return. examples:
a. Medical bills / receipts
b. bills / receipts for child care, if you took a deduction for child care
c. wins / losses gambling
d. contributions (both monetary and nemanetarnyya)
e. Run Log for health care and charitable time
f. receipts for repairs / maintenance in any property
g. any proceeds of investment costs
h any receipts for work expenses, you keep it. (eg union dues)
i i. any forms received by mail, to be associated with your tax return (1099 simple, etc.)
j. a different look at each line of the tax return, which has a number, and save the documentation on this issue!
2. Power / entertainment business – a 50% tax deduction
3. Logs run for the passed-mile or the actual vehicle expenses (gas, oil, repairs, etc.)
4. All receipts pertaining to the conferences / Education (transportation, hotel, meals, etc.) – so, QuickBooks Bootcamp – it vylikovyya business expenses while you are engaged in business time (not thinking only about the beginning).
5. All costs associated with a home office – keep accounts / backups for the calculation of your content from a home office
6. All invoices / receipts for major purchases (fixed assets) – see part 3
7. Pretty much any piece of paper related to the income and expenses of the business during the year, see Schedule C tax return (which lists income and expenses of the business) and make sure you can back up all the numbers listed there. .
Look at the tax requirements of your business
1. The sales tax in your state / out of state. This becomes even more of a problem because the state violated, to make sure that you understand the laws on the tax on the sale in any state in which you can have a "connection" to (ie, if you have a physical or some other presence there)
2. Taxes on employment. If you have employees, make sure you have expert help to properly adjust wages. Failure to comply with the legislation on taxes on wages may deprive you of work.
3. The 1099 premiership & # 39; er – is once again a hot topic. The new Law on Health Protection in 1099 changed the rules for the worse. Reporting requirements are much more stringent. I cover this in January blogs. For now, if you hire the services of which are not & # 39 are staff (accountant, lawyer, construction work, cleaning service, etc.), keep in mind that you will need to send them to 1099 if you paid $ 600 or more per year.
4. Taxes on personal property. In Michigan, we pay tax on the assets of their businesses through our local town or village. Make sure that you know for any taxes you are responsible through the local jurisdiction. If you are not sure, contact your county county office for help in this. And check on their public website or the information booklet on how to start a business in your state.
5. Other annual filing – Once again it depends on the state. I shall provide a fee of $ 25 a year to register their company. Your business may have other requirements depending on your condition and the type of business. Sometimes the information is required for the return of information, and can be suras & # 39; severe penalties for their supply.
To sum up, you know all the licenses and taxes, under the responsibility of your business. Sometimes it's best to contact a local CPA, when you start to set up, to make sure that you are correctly registered in your state.