Things To Check In Your Tax Sheets For A Small Business Owner

For most small business owners taxes are not something that is a big issue in most scenarios. But there are items that must be in your list of things to put into the tax form whether you are doing the tax refund or doing the tax preparations.
· Income-wise things to look for
Usually the income of a small business depends mainly on the type of business it is and in many cases it can be a seasonal thing. But the gross receipts from all transactions whether sales or services must be there with you firstly. Then you will require an extensive and accurate sales record which is of essential important if you want to do accrual based taxes. This record should probably include the returns and allowances of your business along with other types of incomes. If you have more than one type of income then you should probably have different records according to the category. Make sure to also keep a lookout for the savings or checking account of your business which usually comes along as a 1099-INT form or a regular bank statement.
· The inventory and cost-profit
An extensive inventory is something that businesses keep (whether big or small or medium sized). This inventory should have all the relevant records along with the initiative inventory totals. Inventory purchases and ending inventory total amount is also included and recorded (or you should add them if you do not have them recorded). If you have any items that you took out for personal purposes and /or other branching out for the business it should be tallied into the inventory along with the usual materials and supplies and other categories. If there are any issues relating to your inventory and you are not sure on how to proceed with the issues then you should contact a corporate lawyer.

· Expenses
The type, variety and number of expenses for a small business owner differ vastly. Sometimes personal expenses are also in the business records. Depending on the type of business it is, these expenses can go from buying cocoa beans to buying plane tickets to Bahamas. But usually the main expenses that are common are advertising and sales expenses, utilities for the business, computers and other electronic appliances and technological expenses, transportation and travel expenses for clients or customers, commissions paid for contractors or subcontractors (if any), depreciation of assets or sales or other, insurances and interest expenses, and such. Usually a business attorneys would be able to help you tally up the expenses and advise you on which ones to add to taxes or not.
Make sure to keep all details regarding money in your company no matter how small it is. Taxes and audits are a mess when there are records missing and it can blow up to become federal or governmental issues in some cases.