Whatever the amount, the business needs to have petty cash for small day-today expenses, such as parking or postage stamps. A limited number of people should be authorized to disperse such funds, and signed receipts should be required for any use of petty cash. You will need additional information from the IRS for tax planning purposes. Information such as depreciation and allowances for interest should be gathered from the IRS or your tax consultant or accountant. The site has a wealth of information and can provide insights to help make your tax preparations less complicated.
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