Entrepreneur Workshop Recordkeeping & Taxes

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Presentation transcript:

Entrepreneur Workshop Recordkeeping & Taxes October 8, 2018 Kimberly Hughes-Gill, CEO/President

Internal Revenue Service (IRS) What New Business Owners Need to Know Business versus Hobby Selecting a Business Structure Sole Proprietor, Corporation, S Corporation, Partnership, LLC Employer Identification Number Form SS-4 When Do I Start My Tax Year? Fiscal vs Calendar Helpful Resources: www.irs.gov/businesses www.irs.gov

Missouri Department of Revenue Starting a Business in Missouri – The Basics: Secretary of State Registering Business Charter & Articles of Incorporation Annual Reports Missouri Department of Revenue Employment Tax Identification Number & Filing Frequency Division of Employment Security Sales Tax Helpful Resources: www.sos.mo.gov www.dor.mo.gov

City of St. Louis License Collectors Office Business License Collector of Revenue Earning Tax Department Forms P-10/W-10, E-234, E-6…etc. Helpful Resources: www.StLouisCollector.com www.StLouis-mo.gov/license-collector

Recordkeeping Recordkeeping Accounting System - QuickBooks, Excel Spreadsheet & Filing System Track Income, Expenses, Fixed Assets, Liabilities, Equity Accounting Software, Excel Spreadsheet, Filing System Financial Statements & Budgets Balance Sheet, Profit & Loss, Cash Flow Statement Business Taxes Income, Estimated Taxes, Employment Taxes Thank You!

Chart of Accounts Income Grants, Sales, Donations Expenses Accounting, Office Supplies, Repairs Fixed Assets Vehicles, Buildings, Land Liabilities Loans Equity Assets – Liabilities = Equity

Financial Statements Balance Sheet Reflects a point in time Assets + Liabilities = Equity Income Statement Profit & Loss for a period Income - Expenses Cash Flow Statement Operations Investments Financing Statement of Change Reflects changes in Equity

Example of Balance Sheet

Profit and Loss (Income Statement)

Example of Cash Flow Statement

Bookkeeper vs Accountant Record daily transactions in a organized consistent manner Enter & Pay Bills Invoice & Record Payments Payroll Reconcile Accounts Tax Payments Accountant Analyze & advise the impact of financial data Tax Preparation Audit

Show love to your Bookkeeper or Accountant Stay organized Keep records & receipts Respond timely to request Communicate Discuss financial decisions

References http://gotta.yotti.co/restaurant-income-statement-example/ https://www.accountingcoach.com/balance-sheet/explanation/4 https://www.askoverflow.com/indirect-cash-flow-statement-example/cash-flow-statement-example-emersonindirect-sponsorship-letter-why/

Contact us 314.740.1888 bkjassociates2@gmail.com Any questions? THANK YOU! Contact us 314.740.1888 bkjassociates2@gmail.com