Resources

Getting Your Books Organized

A few simple habits make bookkeeping a lot easier, and a lot cheaper:

• Keep a separate bank account and credit card just for the business
• Save receipts for business purchases, a photo on your phone is fine
• Connect your business bank and credit card accounts to your accounting software
• Write a short note on bigger or unusual purchases so you remember what they were for
• Look at your Profit and Loss statement at least once a month

How Long to Keep Records

The IRS generally says to keep records for three years, and records of employment taxes for at least four years. Some situations need longer. The IRS explains the details here: How long should I keep records?

For Illinois Businesses

If your business is an LLC in Illinois, it has to file an annual report with the Illinois Secretary of State every year to stay in good standing.

• Illinois Secretary of State (business filings and annual reports)
• Illinois Department of Revenue (state business taxes)

Helpful Links

• IRS Small Business and Self-Employed Tax Center
• U.S. Small Business Administration
• QuickBooks Online

Not sure where to start? Schedule a call and we can go over it together.

This page is general information, not tax, legal or accounting advice for your specific situation. For tax questions, please talk with your CPA or tax preparer.