Lisa Arnett Bookkeeping
Info
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Put It On Paper
Perhaps you’ve mentioned to your family where your important
paperwork is located. But will they remember when they’re
dealing with your death? Writing down the information your
family will need when you die may help them cope during a
difficult time.
In the letter, consider including:
The location of your will, birth certificate, property deed, tax
returns and other key paperwork.
Your safe deposit box’s location and a list of its contents.
A list of your bank accounts, investments, retirement plan
accounts, and insurance policies.
The names, addresses and phone numbers of your attorney,
financial advisor, and others who should be notified of your death.
Your funeral and burial arrangements and instructions.
While your letter isn’t a legal document and doesn’t replace your
will, it can help your loved ones.
Kinds of Records To Keep
(from IRS publication 583)
Except in a few cases, the law does not require any specific kind
of records. You can choose any record keeping system suited to
your business that clearly shows your income and expenses.
The business you are in affects the type of records you need to
keep for federal tax purposes. You should set up your record
keeping system using an accounting method that clearly shows
your income for your tax year. See Accounting Method, earlier. If
you are in more than one business, you should keep a complete
and separate set of records for each business. A corporation
should keep minutes of board of directors' meetings.
Your record keeping system should include a summary of your
business transactions. This summary is ordinarily made in your books
(for example, accounting journals and ledgers). Your books must
show your gross income, as well as your deductions and credits.
For most small businesses, the business checkbook (discussed
later) is the main source for entries in the business books. In
addition, you must keep supporting documents, explained next.
Supporting Documents
Purchases, sales, payroll, and other transactions you have in your
business generate supporting documents. Supporting documents
include sales slips, paid bills, invoices, receipts, deposit slips, and
canceled checks. These documents contain information you need
to record in your books.
It is important to keep these documents because they support
the entries in your books and on your tax return. Keep them in an
orderly fashion and in a safe place. For instance, organize them by
year and type of income or expense.
Gross receipts. Gross receipts are the income you receive from
your business. You should keep supporting documents that show
the amounts and sources of your gross receipts. Documents that
show gross receipts include the following.
• Cash register tapes.
• Bank deposit slips.
• Receipt books.
• Invoices.
• Credit card charge slips.
• Forms 1099-MISC.
Travel, transportation, entertainment, and gift expenses. Specific
record keeping rules apply to these expenses. For more
information, see IRS Publication 463.
Perhaps you’ve mentioned to your family where your important
paperwork is located. But will they remember when they’re
dealing with your death? Writing down the information your
family will need when you die may help them cope during a
difficult time.
In the letter, consider including:
The location of your will, birth certificate, property deed, tax
returns and other key paperwork.
Your safe deposit box’s location and a list of its contents.
A list of your bank accounts, investments, retirement plan
accounts, and insurance policies.
The names, addresses and phone numbers of your attorney,
financial advisor, and others who should be notified of your death.
Your funeral and burial arrangements and instructions.
While your letter isn’t a legal document and doesn’t replace your
will, it can help your loved ones.
Kinds of Records To Keep
(from IRS publication 583)
Except in a few cases, the law does not require any specific kind
of records. You can choose any record keeping system suited to
your business that clearly shows your income and expenses.
The business you are in affects the type of records you need to
keep for federal tax purposes. You should set up your record
keeping system using an accounting method that clearly shows
your income for your tax year. See Accounting Method, earlier. If
you are in more than one business, you should keep a complete
and separate set of records for each business. A corporation
should keep minutes of board of directors' meetings.
Your record keeping system should include a summary of your
business transactions. This summary is ordinarily made in your books
(for example, accounting journals and ledgers). Your books must
show your gross income, as well as your deductions and credits.
For most small businesses, the business checkbook (discussed
later) is the main source for entries in the business books. In
addition, you must keep supporting documents, explained next.
Supporting Documents
Purchases, sales, payroll, and other transactions you have in your
business generate supporting documents. Supporting documents
include sales slips, paid bills, invoices, receipts, deposit slips, and
canceled checks. These documents contain information you need
to record in your books.
It is important to keep these documents because they support
the entries in your books and on your tax return. Keep them in an
orderly fashion and in a safe place. For instance, organize them by
year and type of income or expense.
Gross receipts. Gross receipts are the income you receive from
your business. You should keep supporting documents that show
the amounts and sources of your gross receipts. Documents that
show gross receipts include the following.
• Cash register tapes.
• Bank deposit slips.
• Receipt books.
• Invoices.
• Credit card charge slips.
• Forms 1099-MISC.
Travel, transportation, entertainment, and gift expenses. Specific
record keeping rules apply to these expenses. For more
information, see IRS Publication 463.
| "Integrity is what we do, what we say, and what we say we do". |
| Contact: 408.540.4471 lisa@lisaarnett.com |