Accurate bookkeeping is essential for four main reasons. One, if your books are incorrect, you could have a cash flow problem and not know it. Two, there could be consequences to your tax liability that could either result in trouble with the IRS or an increase in tax liability. Three, up to date and correct records help you make quick decisions when emergencies or opportunities arise. Lastly, having an unbiased, outside set of eyes will enable you to catch any fraud if that should happen. It is ALWAYS best to a different person reconcile the accounts than the person who enters in the transactions.

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Many counties assess and charge what is known as personal property tax (PPT). PPT is a tax based on a percentage of the assessed value of items and equipment, used in your business, that does not form part of immovable property.  (Vehicles are typically excluded from this type of tax.) These tax filings can be…

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