Legal Question in Tax Law in Illinois

Have you been in the practice of completing your own tax returns? I think visiting an accountant in your area (do it after April 15 to ensure you will receive proper attention) to discuss how to keep records for your new enterprise, how to estimate your accruing tax liability, and how to present your records for tax preparation, would be valuable. Setting up a good record keeping system can help you make effective business decisions during the year and will facilitate tax return preparation. An accountant can give you advice on how to set up a system you will find easy to keep up with. Quickbooks is not a magic bullet, many small business owners don't understand QuickBooks and don't feel comfortable operating the program which makes the program useless to them. You need to understand what business expenses need to be depreciated, how to handle inventory issues, and learn about sales tax requirements. Ask for professional advice on setting up your new business and the advice will pay for itself as you grow your business.