Bookaholic Bookkeeping

So proud of my client Annie from Warner Law Firm, LLC and her amazing talk on Transforming Energy to Action! Anderson Area Chamber of Commerce

Proper Bookkeeping Matters!
From IRS Pub 583: Why Keep Records?

Everyone in business must keep records. Good records will help you do the following.

Monitor the progress of your business. You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success.

Prepare your financial statements. You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business.

An income statement shows the income and expenses of the business for a given period of time.

A balance sheet shows the assets, liabilities, and your equity in the business on a given date.

Identify source of receipts. You will receive money or property from many sources. Your records can identify the source of your receipts. You need this information to separate business from nonbusiness receipts and taxable from nontaxable income.

Keep track of deductible expenses. You may forget expenses when you prepare your tax return unless you record them when they occur.

Prepare your tax returns. You need good records to prepare your tax returns. These records must support the income, expenses, and credits you report. Generally, these are the same records you use to monitor your business and prepare your financial statements.

Support items reported on tax returns. You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported. A complete set of records will speed up the examination.

Publication 583 (12/2024), Starting a Business and Keeping Records | Internal Revenue Service A lock () or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.

The IRS may sound scary, but they can help! Check out this FREE webinar on May 8th.

In Support of National Small Business Week, and In Partnership with SBA and TAS, IRS presents: Small Business, Big Tools: Free Resources from the IRS That Will Lead to Success

Get your Vendor's License now before the fee doubles! Contact us for help.

📢 Reminder for Ohio Businesses! 📢

Starting April 9, 2025, the fee for new vendor’s license applications will increase from $25 to $50 following the passage of HB 366.

This applies to both county vendor’s licenses and transient vendor’s licenses.

The additional revenue will support the Organized Crime Commission Fund, strengthening Ohio’s efforts to combat organized crime and enhance public safety.

Was tax time particularly painful this year? We can help you keep up with your books so next year is a breeze. Contact us for a confidential and FREE consultation!

Home - Bookaholic Bookkeeping You run your business, we run your numbers! Bookkeeping, Payroll, and Consulting services to meet your needs & budget.

🥳Happy 7th Anniversary for Bookaholic Bookkeeping!! 🥳
Thank you to our wonderful employees, colleagues, and clients!

Buyer Beware on your Gift Cards!

Check out gift cards before you buy them Doing some holiday shopping? Here’s a type of gift card scam to look out for: scammers can get the gift card number and PIN before you buy the card. So if gift cards are on your holiday shopping list, keep reading.

Owners this is important- and also a bit complicated. PLEASE watch this video and sign in before you get fines!!

Corporate Transparency Act: Fulfilling Requirements by Jan 1, 2025 Deadline The Corporate Transparency Act (CTA) filing deadline is quickly approaching, with millions of businesses still needing to file their Beneficial Ownership Information (BOI) reports with Financial Crimes Enforcement Network (FinCEN). We’ll cover the key filing obligations, compliance strategies movi...

Thank you to my Dad and all who have served.

OH Back to School Sales Tax Holiday has been extended from 3 days to now 10 days, AND with higher limits! See here for questions!

Sales and Use Tax - Sales Tax Holiday A lock or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.