Create a Business Recordkeeping and Accounting System

You have carefully collected, checked, and recorded all of your business financial information. You have run quarterly reports and met with your financial or tax adviser to discuss possible changes in operations or other strategies to minimize taxes. Now it is time to pay your business income tax. How you pay income taxes depends on the type of business you have set up. See the Checklist for Organization Forms for more information.

• Find Business Accounting Software
• Decide Who Will Do Your Business Bookkeeping
• Create a Chart of Accounts
• Capture All Accounting Information
• Check Information for Accuracy and Completeness
• Record Financial Information in Your Accounting Software
• Review Your Financial Reports Regularly
• Act on Your Review of Financial Reports
• Meet with Your Tax Professional Regularly
• Run Tax Reports and Pay Business Income Taxes