Functions of recordkeeping
When does recordkeeping begin?
What are "deductible" expenses?
Common deductible expenses
3. Cash accounting versus accrual accounting
"Cash" and "accrual" accounting defined
Which method will you be required to use?
Pros and cons of the two methods
Can you change methods from year to year
4. Essential general records for small business
Single and double entry systems
An overview of four accounting tasks using QuickBooks Pro®
Summary : accounting software
Revenue & expense journal
Travel, transportation, and entertainment expenses
Customer information records
What are financial statements?
Profit & loss statement or income statement
Business financial history
Personal financial statement
Pro forma cash flow statement
Preparing your cash flow statement
Completing your pro forma cash flow statement
Quarterly budget analysis
Three-year income projection
6. Financial statement analysis
Vertical financial statement analysis
Horizontal financial statement analysis
Accounting and the U.S. tax system
Federal taxes for which you may be liable
Income tax (for sole proprietors)
Income tax (partnerships)
Income tax (S corporations)
Income tax (corporations)
Estimated tax (for sole proprietor, individual who is a partner, or S corporation shareholder)
Estimated tax (corporations)
Self-employment tax (for sole proprietor, individual who is a partner, or an S corporation shareholder)
Social Security (FICA) tax and withholding of income tax
Federal unemployment (FUTA) tax
Payment to nonemployees for services rendered
Taxpayer identification number (EIN)
Free tax publications available from the IRS
8. Recordkeeping and tax reporting schedules
Organizing your recordkeeping
9. Preparing for Uncle Sam
What to give your accountant
Appendix I. Independent contractors : facts versus myths
Appendix II. Blank forms and worksheets
