Keep Great Records for Tax Time

“Keep Great Records for Tax Time. Ensure you’re gathering reportable information in these three categories:

Accounting. Keep your receipts, bank statements, invoices, etc., and make sure you provide them to your bookkeeper on a regular basis.

Payroll. Keep timecards, employment verification and copies of all payroll tax returns.

Production. It’s a must to keep diligent production records. This is necessary to assist you in knowing which methodologies are working, and where modifications need to be made to produce better results—not just production-wise, but cost-wise. It’s also necessary for year-end to assist your accountant in valuing any inventory (especially growing plants).

— Dean Guske, certified public accountant, Guske & Company