Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns.

Online at

  1. Recordkeeping

Includes the following subpages on the what, why and how of recordkeeping.


  1. Publication 583 – Starting a Business and Keeping Records
  1. Target section/chapter - Recordkeeping


    1. Good Recordkeeping Helps Avoid Headaches at Tax Time

    Date –11/28/11. Length 2-mins 56-secs.

    Note: Publication 583, Starting a Business and Keeping Records, is referenced in the video.

    1. Recordkeeping (Pre-Recorded Phone Forum)
    2. Virtual Small Business Tax Workshop, Lesson 1 - What you need to know about federal taxes and your new business
    3. Business Taxes for the Self-Employed: The Basics

    Webinar Date – 3/29/11. Length 1 hour.


    Understanding what is, and is not, business income will help you determine how to account for it on your tax return.  You can have business income even if you are not involved in the activity on a regular full-time basis. Income from work you do on the side in addition to your regular job can be business income. Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. This includes amounts reported as nonemployee compensation in box 7 of the form.


    Is it a Business or a Hobby?





    Small business owners, especially new sole proprietors, can find a wealth of information covering their federal tax responsibilities on www.IRS.govThe SB/SE Tax Center is the “Go To” page for everything small business. 

    Online at 

    This page includes links to basic federal tax information for people starting a business, as well as information to assist in making basic business decisions. 

    Links include:
    Industries/Professions – Info on specific industries

    State Links – State websites with info on doing business in that state

    Subpages include:



    More Helpful Tax Links:

    SC Local Tax Maps county break down 
    SC DOR (dept of revenue) handout
    SC DEW (dept of employment and workforce) hand out

    Contact the Newberry Area SBDC to register for the FREE tax workshop held on Wednesday, March 13, 2013:  [email protected]

    Videos:The IRS Video Portal at is an online learning site for taxpayers.  Small business owners should choose the Small Businesses tab, select a topic (e.g. “Starting a Business” or “Business Income”) and then select any video.   Small Business Owners should check out the Virtual Small Business Tax Workshop, an informative recorded seminar composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities.  

    YouTubeFind out what tax credits, deductions and law changes may affect your small business. 


    Subscribe to e-News for Small Business: e-News for Small Businesses is a free electronic mail service designed to provide tax information for small business owners and self-employed individuals.  

    Get the latest news and information from the IRS on:

    Finding Professional Advice: Ten Tips to Help You Choose a Tax Preparer and Tips for Choosing a Tax Preparer

    The Newberry Area SBDC is located at Newberry College in the Darrow Naval Trainee House
    1814 College Street | Newberry, SC 29108 | (803) 321-5689 | [email protected]