If you’re new to doing business in the U.S., brace yourself. Things here are different. Really different. Back home, maybe you kept your business finances in a simple spreadsheet or jotted down expenses on your phone. Maybe the rules were more relaxed, and tax season didn’t feel like a battle.
But in the United States? It’s a whole new game. And if you’re not careful, your business could pay the price—literally.
The U.S. Tax Reality: No Room for Guesswork
Here’s the hard truth: In the U.S., every business—whether you’re a one-person show or a large corporation—must file an income tax return every year. And when you do, the numbers can’t just be a rough estimate or a best guess. The IRS (Internal Revenue Service) demands that every figure reported—income, expenses, credits—be backed up with accurate records.
Imagine this: You’re running a small bakery and reporting your income for the year. You jot down a number based on what you remember from your sales—no big deal, right? Wrong. If the IRS comes knocking and you can’t prove that number with records, you could face hefty fines or worse.
The IRS clearly states:
- “These records must support the income, expenses, and credits that you report on your business income tax return.”
- “You must keep your business records available at all times for inspection by the IRS.”
In short, your bookkeeping can’t just be good—it has to be bulletproof.
Why DIY Bookkeeping Is Risky Business
You might be thinking: “My business is small—I can handle this myself.” Technically, you could. Some entrepreneurs with very few transactions manage to maintain their records on simple spreadsheets or even handwritten logs.
But here’s the catch: Even the simplest business still needs to follow strict accounting rules.
Think about it this way: You wouldn’t perform your own dental work just because you have a toothbrush, right? Similarly, just having a spreadsheet doesn’t mean you’re equipped to manage bookkeeping. You need to know:
- What deductions are allowed
- How to track assets correctly
- How to record income and expenses accurately
- What backup documentation to keep in case of an audit
If you’re off by even a little, it can snowball into a major problem down the line. Plus, bookkeeping isn’t just about numbers; it’s about understanding U.S. tax law—a complex, ever-changing beast.
What Happens When You Get It Wrong
Picture this: You run a small online boutique and decide to claim a deduction for your home office. But the IRS decides to take a closer look. They ask for proof that your office space is used exclusively for business. You scramble to find documents to back up your claim, but they’re either missing or poorly organized. Suddenly, your deduction is denied, and you’re hit with a penalty.
Or consider this: You’re a contractor who recorded your income based on what you think you made, but you didn’t keep all the client invoices. The IRS finds discrepancies during an audit, and now you’re facing a costly headache.
The Right Way: Professional Bookkeeping You Can Trust
The good news? You don’t have to do this alone. In fact, you shouldn’t.
Our bookkeeping services are different because we go beyond simply recording transactions—we analyze what the numbers are actually saying. We identify areas of concern, suggest actionable plans, and explain in simple, clear terms what your financial statements are indicating.
Our main goals are to ensure that your records are well-organized and reliable—whether it’s for a potential audit, during visa renewal times, tax season, or—most importantly—to increase your profitability. We meet with our clients once per month to review financial statements, discuss areas of concern, and help you make sense of what the data is telling you.
Because here’s the truth: If you’re not keeping accurate financials, you don’t really know where your business is heading. Our approach is proactive, comprehensive, and tailored to your business. We’re not just recording numbers; we’re making sense of them, giving you insights, and helping you make informed decisions.
Final Thoughts: Don’t Take Chances
In the U.S., getting your bookkeeping right is not optional—it’s essential. The IRS doesn’t play around, and neither should you. If you’re unsure about where to start or worried you’re not doing enough, it’s time to seek help.
Our bookkeeping services are designed specifically for entrepreneurs like you—foreign nationals navigating the unfamiliar waters of U.S. business practices. We’re here to ensure your records are rock solid, your business is compliant, and your financial future is secure.
Don’t wait until it’s too late. Get your bookkeeping right from the start—reach out today and let’s make sure your numbers add up.
Contact us today to get started
The information provided in this blog is intended solely for informational purposes. While we strive to offer accurate and up-to-date content, it should not be considered legal advice. Immigration laws and regulations are subject to change, and individual circumstances can vary widely. For personalized guidance and legal advice regarding your specific immigration situation, we strongly recommend consulting with a qualified immigration attorney who can provide you with tailored assistance and ensure compliance with current laws and regulations.
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in four different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.
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