Tools recommended by IRS

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September 2006 — Vol. 84, No. 7

SMALL BUSINESS

The IRS fact sheet recommends using the following tools to help you track and report income:

A formal set of books and records with strong internal controls
Accounting/financial computer software
Separate bank accounts for business and personal income and expenses
IRS Web site resources, including:
– “Small Business and Self-Employed One-Stop Resource”
– “Online Learning and Educational Products”
– IRS Publication 334, “Tax Guide for Small Business,” and Publication 583, “Starting a Business and Keeping Records”