Please note this is where you will record your monthly income (deposits) and expenses (broken down easily into categories catered to the route distribution business). Please do not assume we receive any information from your bakery manufacturer. Remember you are the owner of your business, your personal and confidential bank statements should be kept safe, with your receipts. All we ask is you simply complete the Monthly Report. Be sure to include your business formation fee on your first Monthly Report. We will calculate your route amortization (depreciation) expense and loan interest expenses.
You should submit your first Monthly Report within one month after Closing on your business. Submitting online makes it easier because the website can do the calculating for you!
Monitoring the health of you business, will help determine quarterly guidance related to payroll and income tax estimated payments. The IRS requires a reasonable salary be paid to yourself from your business. In turn, payroll tax payments are mandatory and to be paid accordingly following our guidance.
Estimated income tax payments may be recommended depending on your business income. These quarterly payments can help avoid interest and significantly help your year end tax obligation.