Accounting and Taxes
Regardless of the size of the business, properly maintaining the bookkeeping and accounting records of the business is an important element in the financial management of the business. Not only does it assist in the preparation of tax reporting to federal, state and local jurisdictions, but allows the business owner to accurately evaluate the actual growth and profitability of the business compared to the goals of the business as well as to other companies in the industry.
For tools to establish bookkeeping and accounting procedures, some of the resources available include QuickBooks. Your local bookkeeper or accountant can provide individualized assistance.
If you have questions regarding income tax and withholding requirements, visit the website of the Internal Revenue Service for federal requirements and the Virginia Department of Taxation for state requirements.
Although the Central Virginia Small Business Development Center (CV SBDC) does not provide tax advice, we can assist the business owner in reviewing the financial statements of the business and assist in addressing general bookkeeping, accounting and tax questions.