pspanTax season brings recordkeeping weaknesses into sharp focus. Receipts vanish. The mileage log gets abandoned around March. Bank statements can't be located.
p class=BodyBefore getting into a discussion of common bookkeeping mistakes, it is worthwhile to address the importance of sound bookkeeping in general./pp class=BodyThe importance of sound bookkeeping is frequently lost and ignored by management.
pstrongThe IRS requires you to maintain consistent accounting throughout your fiscal year. You must use a method that clearly reflects your income./strong/ppWhen you file your first tax return, you’ll decide on an accounting method.