Little Rock, Fayetteville, Bentonville Indian Community - ArkansasIndian.com
| | |
 


 

Recordkeeping Tips for Small Business Owners

Money
Contributed by : Mukesh Makker

Share With Your Friends

Add To My Favorite
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

Records help you document the deductions you've claimed on your return. You'll need this documentation should the IRS select your return for audit. Normally, tax records should be kept for three years, but some documents - such as records relating to a home purchase or sale, stock transactions, IRA, and business or rental property - should be kept longer.

In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return including but not limited to:

Bills
Credit card and other receipts
Invoices
Mileage logs
Canceled, imaged, or substitute checks or any other proof of payment
Any other records to support deductions or credits you claim on your return
Good record-keeping throughout the year saves you time and effort at tax time. For more information on what kinds of records you should keep or assistance on setting up a recordkeeping system that works for you, please call the office.


About Author
Mr. Maker is a certified Public Accountant and serving the South Asian community since 1993.


Website: https://taxmaker.com/newsletter.php#4

 

Disclaimer: Please use this channel at your own discretion. These articles are contributed by our users. We are not responsible or liable for any problems related to the utilization of information of these articles.

 

View All Contributions

My Business:
Accounting and Tax Professionals, Inc
Bellevue

Post an Article
Notify Me of New Articles

Become A Featured Contributor
Add Your Blog | Add Recipe | Add Article

More Article by Mukesh Makker

View All Articles

Featured Contributors


Vivek Wadhwa

Shruti Sadolkar

Dilip Saraf
Dilip Saraf

Christine Dunbar

Rima Arora

Vasudha Sharma
Vasudha Sharma

Ananya Kiran

Anu Peshawaria

Tahmina Watson
Tahmina Watson

Latest Articles

Samikssha Batnagar recreates Ishq Tera Lae Dooba by Staff
Actress Upasana Singhs nephew Neil Aryan in web series by Staff
AamisLove continues as Assamese feature Aamis enters its 3rd Week by Staff
Filmmaker, Suneel Darshan wins copyright case against YouTube and Google India by Staff
'MUDDA 370 J & K' - The story depicting the pain of Kashmiri Pandits also includes a love story by Staff
View All Articles