Keeping records
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"A good record keeping system is essential to operating a successful home-based business. Would you believe you could save more than $112 an hour by keeping good records? Suppose you had a $20 business expense that you forgot to record. This oversight, in effect, raises your business's net income by $20. Using 1988 figures, overstating net income by $20 causes (1) your social security tax to go up $2.60 ($20 times 13.01 percent for a self-employed person); (2) your federal income tax to go up $5.60 (assuming you were in the 28 percent federal income tax bracket); and (3) your state income taxes go up to $1.20 (assuming a 6 percent state tax)."--First paragraph
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Archive version. For the most recent information see extension.missouri.edu.
OpenAccess.
OpenAccess.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.
Provided for historical documentation only. Check Missouri Extension and Agricultural Experiment Station sites for current information.
Provided for historical documentation only. Check Missouri Extension and Agricultural Experiment Station sites for current information.