Like people are telling you get a CPA NOW! Yes the IRS will get upset if you don't estimate your taxes, penalty + interest.
How taxes are done changes every year. The IRS will send up a red flag if you are in business and don't use a professional to do your taxes.
I like to use spread sheet to keep my records organized. I do my tax records the way my CPA wants. I take him a print out of my records all totalled up the way he like them. Keep receipts for everything.
I use a credit card for my business, so if I lose a receipt, I have a backup credit card copy.
My credit card only pays me 1% cash back, but that is better than a debit card which pays you nothing. I almost never write a check. Credit card is auto-paid from checking on the day it's due, no late fees that way.
My sister owns a heating/air business. She uses a SoutWest credit card and gets enough points to fly her family to Florida over Christmas. Not to mention, they fly there many times in a year for free.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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