Legal Question in Tax Law in Illinois

IRS has a website which provides access to publications which are a good source of information for small business owners. Usually, it's the taxing authorities most interested in a small business owner's records (only later when you're ready to get credit in the name of the business or seek outside investors will this change) to ensure taxable income and sales are properly configured. Go to www.irs.gov and look for a publication called "The Small Business Resource Guide" for starters. Keeping records is critical to a small business' success. Only your records will tell you if you are pricing your products or services properly, and allow you to plan for the future. You need to keep track of your gross revenue and of your expenses. If you incorporate, you will need to calculate payroll taxes for yourself and any other employess. Your records need to be user friendly to you, the business owner. Getting Quickbooks won't do anything for you if you don't feel comfortable using the program. As a small business owner, you can delegate recordkeeping tasks to other helpers, but you are responsible for creating the record keeping systrem and for making sure the system is maintained.