I want to start a small business from my home. How do I learn about what paperwork I need and what records I have to keep for tax purposes?
Newlife, Anything to do with your business, like internet connection, office supplies, ink, your space in your home has to be dedicated to your business only if you deduct that. Save all receipts in having to do with your business. Advertising, business cards, if you old meetings the refreshments you serve. If you go to dinner with a client or prospective client. I would call the IRS or decide if you want a tax consultant or not and they can help you as well. these are just some things I am sure some others have other tips as well. Hope this helped you some.
I think that you should go to your accountant or even consult with a lawyer to see what you need specifically. It is better to be safe then sorry.
talfighel: I think that you should go to your accountant or even consult with a lawyer to see what you need specifically. It is better to be safe then sorry. Good advice tal..
For opening new business and for paper work it is always best to discuss and consult with a lawyer and accountant to know complete procedure and process. I think you should contact with an accountant.
