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Certified to Serve You Better
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NOT ALL RECEIPTS ARE DEDUCTIONS
If your receipts aren't adding up or you have questions on year end deductions, capital equipment purchases or need to get caught up on your bookkeeping for year-end, contact us at (724) 359-5022.
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It All Add$ Up October News
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As a small business owner, you likely know of another business owner who, like so many, was out of business within the first 5 years. Did you ever wonder why some businesses make it and others don't? We've put together 8 bookkeeping mistakes that you don't want to make. Any one of these could be the difference between 'making it' or being a statistic.
Next, we take a look at the potential costs and risks of not accounting for each and every petty cash withdrawal, regardless of the amount.
And a big welcome to West Penn BBQ and Circolo Woodfired. Two new restaurants to whom we wish much luck!
Need help getting started or updating your books? Don't delay; give us a call at 724-359-5022.
We put the AX to your TAX worries!
Lauri
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TOP BOOKKEEPING MISTAKES IN SMALL BUSINESS
 Ever wonder why some business owners are successful while others fail within the first five years of operation? This failure is often attributed to poor financial management. There are many common challenges faced when setting up your bookkeeping system. If not done properly, business owners could be paying more taxes, open themselves up for an IRS audit, or end up closing their doors. See the top mistakes made by business owners that can cost them time and money.
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ARE CASH RECEIPTS BLEEDING YOU DRY?
 It's easy to do - open the petty cash box or the cash drawer and pull out a couple of twenty dollar bills. A quick trip to office supply store, the Strip District or Restaurant Depot to pick up a few things and it's back to business. The IRS does not require a receipt for purchases under $75 - so it's an OK practice if you don't always have a receipt - right? Although not required by the IRS, making a practice of not keeping receipts for small purchases can add up and deductions may be missed. Over time, see how missing receipts may put your business at risk.
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We'd like to welcome the following restaurants to the Paxton Bookkeeping family.
- West Penn BBQ - located in Northgate Plaza in Zelienople will open for business on October 7th.
- Circolo Woodfired - located at 2100 East Carson Street, in Southside will open mid-November 2014.
Wishing you all the best as your embark on your new business venture. |
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| Circolo Woodfired
| West Penn BBQ
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I hope you find these tax tips helpful. If you have a topic you would like addressed, drop me a line.
Sincerely,
Lauri
Lauri Paxton
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