Small Business FAQ

Question:   If I, a sole proprietor, pay personal expenses out of my business bank account, should I count the money used as part of my income? Can I write these expenses off? Answer:    You would include the money used to pay personal expenses in your business income when it was earned by your business. You would not write off these expenses because they are not ordinary and necessary costs of carrying … [Read more...]

Record Keeping Reminder

It’s already October and before long it will be tax season. Below are some tips to help you have your records in order for this year’s taxes and beyond. 1. In most cases, the IRS does not require you to keep records in any special manner. Generally, you should keep any and all documents that may have an impact on your federal tax return. It’s a good idea to have a designated place for tax documents and … [Read more...]