In terms of accounting for a side business just using a DBA, for tax purposes is it correct that I would just need to track business expenses (receipts and invoices) as well as any revenues (documented by deposits in a DBA business bank account?)
State/Country relating to question: California
Welcome, THANK YOU for using Just Answer. My goal is to help make your life...a little...LESS taxing.You should keep track of income and expenses for the business. As worldwide income is taxable by the IRS for U.S. citizens, this means all revenue that the business generates, not just the revenue that is documented by bank deposits should be kept track of. This means all payments made to the business via cash, check, and credit cards. I would suggest getting a bookkeeping software that will pretty much do the work for you. Of course the information will need to be entered. Please let me know if I can be of further assistance to you regarding this matter.Thank you again for using JUST ANSWER.
Nearly 30 years of varied tax industry exp. Tax Biz owner