pumpkinpatchquilter Posted March 1, 2013 Report Share Posted March 1, 2013 I'm trying to keep track of my little business the best I can as I want to stay legal and in good graces with Uncle Sam. I want to meet with an accountant but right now I'm poor! LOL* I did run a small accounting department for a small business years ago so I think I can do a lot on my own. Here's my question for now - when you started your business did you inventory all of your existing thread and batting if you were going to use it for the business for tax purposes? Do I have to show how I paid for those things that I already have? (I have had some of this thread for YEARS). Link to comment Share on other sites More sharing options...
carolinequilts Posted March 2, 2013 Report Share Posted March 2, 2013 I'm in Canada - so I'm not sure you want my advice... BUT, when I started my business I created an invoice for all the stuff I bought from 'myself' and that became my starting inventory. After that I kept all receipts for purchases and added them into my business inventory. I believe that if you are honest, no Government is going to come looking for you. Link to comment Share on other sites More sharing options...
pumpkinpatchquilter Posted March 2, 2013 Author Report Share Posted March 2, 2013 Thank you Caroline! That was actually very helpful!! I know you're in Canada but that's something very similar to what I was thinking of doing and after talking to an accounting person they told me there were a couple of ways I could do it and something like that would be one. I am honest to a fault, but I don't want to make any mistakes and inadvertently get myself in trouble! Link to comment Share on other sites More sharing options...
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