Always keep your business finances separate from your personal finances. Don’t give the tax auditor a reason to audit both.
File all your tax compliance reports on time to avoid penalties, even if you can’t pay the amount owing.
Keep organized by:
developing a method for handling all your paperwork;
entering your bookkeeping data in batches; and
reviewing your bank statement and financial reports monthly.
Audit proof your records.
Keep all your receipts, no matter how small the amount and make sure they are legible. Receipts you must keep include debit receipts and credit card receipts.
Deposit all your business cash flowing into the business … so you can prove what was income (taxable) and what was contributions or loan proceeds (not taxable).
Keep a business journal to diarize your logic for your business ventures. It will help show you incurred the expenses with the expectation of profit.
Contact
Phone: 250 870-4554
Judy(R**eplace this parenthesis with the @ sign)kelowna-bookkeeping.com