Previously published: Chicago, Ill.: Dearborn Trade Pub., c2004.

Includes bibliographical references (p.197-198) and index.

1. Recordkeeping basics -- Functions of recordkeeping -- When does recordkeeping begin? -- 2. Income and expenses -- Income (or revenue) -- Expenses -- What are "deductible" expenses? -- Common deductible expenses -- 3. Cash accounting versus accrual accounting -- "Cash" and "accrual" accounting defined -- Which method will you be required to use? -- Pros and cons of the two methods -- Can you change methods from year to year -- 4. Essential general records for small business -- Single and double entry systems -- Chart of accounts -- Debits and credits -- An overview of four accounting tasks using QuickBooks Proª -- Summary : accounting software -- Revenue & expense journal -- Petty cash record -- Inventory record -- Fixed assets log -- Accounts receivable -- Accounts payable -- Payroll records -- Independent contractors -- Travel, transportation, and entertainment expenses -- Customer information records -- Business checkbook -- Receipt files -- 5. Financial statements -- What are financial statements? -- Balance sheet -- Profit & loss statement or income statement -- Business financial history -- Personal financial statement -- Pro forma cash flow statement -- Preparing your cash flow statement -- Completing your pro forma cash flow statement -- Quarterly budget analysis -- Three-year income projection -- Breakeven analysis -- 6. Financial statement analysis -- Financial statements -- Liquidity analysis -- Profitability analysis -- Debt measures -- Investment measures -- Vertical financial statement analysis -- Horizontal financial statement analysis -- Summary -- 7. Taxes and accounting -- Accounting and the U.S. tax system -- Federal taxes for which you may be liable -- Income tax (for sole proprietors) -- Home office deduction -- Income tax (partnerships) -- Income tax (S corporations) -- Income tax (corporations) -- Estimated tax (for sole proprietor, individual who is a partner, or S corporation shareholder) -- Estimated tax (corporations) -- Self-employment tax (for sole proprietor, individual who is a partner, or an S corporation shareholder) -- Social Security (FICA) tax and withholding of income tax -- Federal unemployment (FUTA) tax -- Payment to nonemployees for services rendered -- Taxpayer identification number (EIN) -- Free tax publications available from the IRS -- Summary -- 8. Recordkeeping and tax reporting schedules -- Organizing your recordkeeping -- Building your system -- Recordkeeping schedule -- Tax reporting schedule -- 9. Preparing for Uncle Sam -- What to give your accountant -- The last chore -- Appendix I. Independent contractors : facts versus myths -- Appendix II. Blank forms and worksheets -- Small business resources -- Glossary.

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