If you own and operate a trade or business and have a history of losses, there is a very good chance the IRS will at some point disallow those losses, especially if you keep poor records. Although good bookkeeping is important in all cases, it is especially important for taxpayer’s with businesses that have shown a [...]

Every self-employed person or small business owner should keep their books using a reputable accounting software package such as Quickbooks or Quickbooks Pro. But even if you keep your records electronically, you still must have a system for retaining and organizing your underlying accounting records. Here is how we recommend our clients keep their records. [...]

One of the biggest problems we see is the self-employed taxpayer who tries to do everything himself, including keeping his business books and records. This almost always fails. If you are thinking about starting a business, don’t do it unless you or someone in your employ understands the basics of proper record-keeping and accounting and [...]