If you have a home based house cleaning business, is it necessary to have something setup for bookkeeping?

Question

If you have a home based house cleaning business, is it necessary to have something setup for bookkeeping?

Answer 1

It's more of a personal perference. If you don't need it or don't want to then don't. But it can help you get organized.

Answer 2

Yes, to keep up with all of your expenses and revenue.  You also need to have backup to substantiate your deductions for when you file your taxes.  Quicken and Quickbooks are great for small businesses.

Answer 3

You should keep records because all of that income is taxable income on both the state and federal levels. If you are audited and do not have any records the IRS could do a serious number on you.

Consult a lawyer who specializes in tax law to get a better idea of how extensive your records should be and how often you should pay your state and federal income tax/social security tax.

Answer 4

...only if you want to stay legal and pay your taxes.

Answer 5

keep track of your income and expenses as well as your time, that way you will be able to measure your efforts vs. your rewards.

if you are going to be legal, then you will need to have a bookeeper setup a recordkeeping system for tax purposes.

this is the most important thing if you go legal, become a master at recording expenses and very loose when it comes to reporting income

Answer 6

Taxes! Thats real important! Especially when you owe & your looking out between bars.

Answer 7

If you do not you might have trouble with the tax revenooers