Small Business Tax Accounting

Thanks to our good friend John, I met with a great small business accountant this week.  He was very busy but agreed to meet with me since I have the CPA and he knows he won’t have to act as a glorified book keeper.  We will really only need him for tax questions; not debit and credits, and not to explain an asset or expense. Anyway, the meeting went well. I got some of my questions answered about how to keep track of our expenses and if it matters that the money right now is coming from our personal account and a business account.  Looks like we are to keep track of EVERYTHING we spend money on that could in anyway be related to our business (including trips to other bottle shops, car expenses, cell phones and everything).  Then when it is time to do our taxes we will evaluate it all together.

He also said to make sure I save at least 40% of our net income for taxes…. that is the saddest thing I have heard in this whole process. I knew it all along but having it said out loud just makes me want to cry.

Cheers anyway 🙂

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