How To Determine The Income Of An Individual Entrepreneur

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How To Determine The Income Of An Individual Entrepreneur
How To Determine The Income Of An Individual Entrepreneur

Video: How To Determine The Income Of An Individual Entrepreneur

Video: How To Determine The Income Of An Individual Entrepreneur
Video: How To Calculate Federal Income Taxes - Social Security & Medicare Included 2024, May
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The person opening an IP is interested in what his profit will be. First of all, this is important not for the tax authorities, but for the businessman himself. Since the maintenance of accounting books has become optional for individual entrepreneurs, the question arises of how / how to correctly calculate the profit.

How to determine the income of an individual entrepreneur
How to determine the income of an individual entrepreneur

It is necessary

  • - calculator;
  • - the book of accounting of income and expenses;
  • - accounting software.

Instructions

Step 1

In this case, you can either keep records of the profits and expenses incurred on paper, or learn how to use accounting programs, for example, 1c.

Step 2

Determining the income of an individual entrepreneur is simple - you need to subtract all expenses incurred for work from the amount of profit received. This will be the net income. True, this is not enough to report to the state. In addition, you may face some difficulties.

Step 3

In the case of keeping records of the flow of funds on paper, you can correctly determine your income, but only if you conduct 1-2 transactions per week. If there are several of them during the day, then column counting becomes very difficult, so it is better to resort to the help of a computer program.

Step 4

It works quite simply. First, create a new infobase using the installation wizard. Then start putting in the numbers - profit and expense. And the program will automatically perform the following actions: - keep records in accordance with the established norms; - provide data on financial statements.

Step 5

In addition, individual entrepreneurs need to keep special accounting books if they apply a simplified taxation system. You must have a certified form, which must be filled out in strict accordance with the rules, otherwise there may be problems with the tax authorities.

Step 6

Consecutively, in a clear chronological order, record the data on income from the activity and the costs of its maintenance in the appropriate columns.

Step 7

At the end of the reporting period, you need to display the total values, which are then indicated in the tax return. Records can be kept both in paper and electronic form. The main thing is to save the document correctly in order to avoid its loss and accidental deletion.

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