I started a business in 2020 and did not ever pay any mind to keeping books or taxes. Looking back, I was an idiot, and I am actively taking steps to get current. I did file with the IRS upon starting the business.
My past two years were both 6 figures, and I have reached out to multiple CPAs and bookkeepers to start the process of getting current, and plan to stay current. It was stupid, but it’s done.
My ask from ya’ll is, having read many many threads here and starting to gather documents: what can I do to help facilitate this process with both my chosen bookkeeper and CPA?
Thanks for your time, and if you’re reading this just starting a business - stay current, don’t be lazy, it’s not worth it!
You must log in or register to comment.
Most credit card companies will provide you with an annual summary for the year. Go through all your personal statements you may have, you will likely find expenses paid personally that apply to the businesd
What kind of business did you start that both first two years were 6 figures, just curious?
Also, look up Startup Stack- they have phenomenal discounts on software for small businesses - https://startupstack.com/offers
The guy on shark tank reps this guy for tax services: https://www.linkedin.com/in/shawn-finnegan-03b254a/
https://www.youtube.com/watch?v=zPUibSSgtpo for the shark tank guy’s take on them.
Even if you dont use them now since you already found some people, I would look into them for ongoing. I know the guys that run the whole thing- genuine good people, really know their stuff, and no, I dont get kickbacks for referrals :)
Make sure you write on every receipt what the expenditure is for. Office supplies, computer equipment, travel, etc. Same with every deposit. Who, what, where, when, why.
Sort all the receipts into different file folders by month.
That’s the main thing that you have to do, no matter what CPA you use.