Accounting for business and personal finances doesn’t have to be a total disaster. Having an accounting professional, like Paul Duncombe assist you with managing the legal requirements takes the stress out of preparing taxes and financial statements.
The IRS requires you to keep and maintain accounting records and documents of all tax deductions and income you report on tax returns. These requirements are vast and depending on your personal or business entity type there are differing requirements for each. Accounting software, journals, receipts, bank statements and invoices are but one step in the process of organizing and maintaining accurate financial records that help you report the correct amount of taxable income and minimize your tax liability.
The IRS has the ability to audit your tax returns and will require you to backup each deduction you claim with accounting records and receipts. This process can be stress free if you maintain accurate financial statements and put in place an accounting plan to gather, maintain, report and compile your business and personal financial records.