Nov '25 • General discussion
Keeping receipts is not bookkeeping.
Keeping receipts is audit protection. The IRS might not audit you next week but it could happen three years down the line. So please, do keep records.
Bookkeeping is knowing what's in your bank account, reconciling your accounts, doing quarterly reports to see how you are spending your money, filing your tax return every year.
Every LLC should have its own bank account. Keep things clear.
Did you know that you reduce the chances of getting an audit by doing an extension. I always extend. This is to file not to pay.
I had a new client come in a week prior to October 15th this year. He had not been submitting his estimated payments at all. Also didn't pay by April. His penalty was around $1,200. That's money just wasted.
Avoid what this client did, and advise other entrepreneurs in your life to not be this person. If you want to give $1,200 away that's fine but I guarantee the IRS is not your preferred charity.
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Keeping receipts is not bookkeeping.
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