shorts

The Two Key Records the IRS Demands

Good records are the foundation of a successful business, and they are not optional—they're required by the IRS. The either/or dilemma is often between neglecting records (easier now) vs. ensuring compliance/growth (better later). Fortunately, the law simplifies the requirements for a Safe foundation.

The good news is that the law doesn't force you into one specific recordkeeping system, as long as it clearly shows your income and expenses. Your system must include two key elements: Supporting Documents (original paper or electronic documents) and a Summary of Transactions (organized information in books, like journals and ledgers). This Simple framework allows you to choose any system suited to your business, provided all records are available for inspection by the IRS.

Ready to build your bulletproof business recordkeeping system? Read more on this topic by visiting https://www.safesimplesound.com/build-your-business-recordkeeping-system/.

Our Contact Page

Our Philosophy

DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.

The Core Question of Security

Watch On YouTube The real work of financial security isn't just building the plan; it's dismantling the wall. The most important question to ask right now is not about your investments or your savings rate. The either/or dilemma is between building a private fortress or

3 Rules for Your Business Bank Account

Watch On YouTube Are you anxious about making mistakes when managing your new business bank account, unsure how to keep everything compliant and clear? This short offers practical wisdom for young families and all business owners seeking simple, actionable guidance. Think you need complex accounting software just to manage your

Your Simple Recordkeeping System

Watch On YouTube Many business owners dread recordkeeping, thinking they need a complex, double-entry system from the start. The either/or dilemma is often between neglecting records vs. creating an overly complex system. For most small businesses, a single-entry system is the simple, practical solution. A simple but effective system

The Simple Way to Pay Yourself

Watch On YouTube One of the most common questions from new entrepreneurs is, 'How do I pay myself?' The either/or dilemma is often between taking cash (non-compliant) and writing a formal check (compliant). The compliant method is remarkably simple. Your business checkbook should be used for business