1. Business Recordkeeping Southwick Public Library May 19, 2008 Michael McMahon

2. Copyright 2008 Michael McMahon. All rights reserved. What are Records? Records include data on income, expenses, inventory, hours worked, sales tax collected, etc. Depending on the type of business or activity records to be maintained will vary If you sell products or services to the public your records may include the following: Amount of each sale, description of item sold, date, time, name of customer, address, method of payment, etc.

3. Copyright 2008 Michael McMahon. All rights reserved. What type of records do you keep in your business? How do you maintain your records? Index cards A computer database Cash register Notebook Why do you keep records the way you do? What are the advantages and disadvantages of your current method? Does your system of records provide you with the information you need to operate your business or activity?

4. Copyright 2008 Michael McMahon. All rights reserved. What type of records are required for your business? Requirements come from a number of places including: – IRS (tax returns) – The MA. Department of Revenue (tax returns both income and sales tax) – The U.S. and MA. Department of Labor – OSHA – The Social Security Administration – The Department of Homeland Security (DHS) – The City or Town you operate in – Your Insurance Company (for Workmen’s Compensation Insurance coverage) – U.S. EPA and MA. DEP – Profit and loss statements for bank loans, line of credit or business mortgages

5. Copyright 2008 Michael McMahon. All rights reserved. Some familiar Forms? Some of the Forms you are required to file which require you to maintain records in order to file the Forms: W-2 Forms for wages paid to employees 1099 Forms (for rent paid, commissions paid, interest, dividends, royalties paid) Form 940 Federal Unemployment Form 941 for Social Security and tax withholding Sales tax forms Personal property tax returns for business property owned

6. Copyright 2008 Michael McMahon. All rights reserved. Info. Sources on the Internet Southwick Economic Development Commission website www.southwickma.info www.southwickma.info Includes data on Southwick (population, unemployment,links to other business resources) Town of Southwick website www.southwickma.org www.southwickma.org Southwick Public Library www.southwicklibrary.infowww.southwicklibrary.info Internal Revenue Service www.irs.govwww.irs.gov Publication 583 discusses business records required for Federal tax purposes. This document can be downloaded from the website. State of Mass. www.mass.govwww.mass.gov State of CT. www.ct.govwww.ct.gov

7. Copyright 2008 Michael McMahon. All rights reserved. Potential sources for software and paper based recordkeeping Office supply stores (e.g., Staples, Office Depot) sell software for business recordkeeping (e.g., QuickBooks®, Quicken®, Microsoft Money®, etc.) as well as Dome® books and other options for paper based systems of recordkeeping Blank W-2 forms, 1099’s, etc. can be purchased at office supply stores (in December – January) Other retailers (online and stores) sell some of the business software (e.g., Costco, BJ’s, Sam’s, Amazon.com

8. Copyright 2008 Michael McMahon. All rights reserved. E-Books available on Learning Express Academic & Career Resources Welcome Southwick Public Library! Choose a Subject Select a subject below to view the test preparation materials available for that category. 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