Question


mimi

What business records do I need to keep for my small business?

I have a small boutique where I sell clothes jewerly etc at a space I am renting out. What kind of records to I need to keep for tax purposes? I buy my clothes from wholesalers, do I need to keep track of how much I buy from them as well as how much I sell?

4 weeks ago - 2 answers

Best Answer

Chosen by Asker

yes, keep all of them two file folder one for revenue one for expense that when you take revenue-expense==gross profit margin if the number is positive, business is good if number is negative, you are in trouble.

by Hoa N

4 weeks ago

Asker's Rating: 

Other Answers

Check the IRS web site. Basically you need a record of what you sold and what you purchase. A log of car millage.

by nvwikiwiki- 4 weeks ago