Bookkeeping & Payroll (2025)

Organize finances, stay compliant with payroll taxes, and maintain records to support deductions and filings.

Essentials

  • Separate business bank accounts and credit cards
  • Track income, expenses, receipts, and mileage
  • Use accounting software (QuickBooks, Xero) or a bookkeeper

Payroll Compliance

Register for EIN, withhold federal/state income taxes, pay employer payroll taxes, file Forms 941/940 and W‑2/1099 as required.

Recordkeeping & Retention

Keep payroll records, tax deposits, and payroll tax filings for at least 4 years; maintain supporting receipts for 3+ years.