Tag Archives: Records management

Small Business Owners – Start out right; keep good records

07 Thursday Jun 2012

Posted by in Small Business

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New Small Business owners should check out the following IRS link to Publication 583 which tells you important information you need to know when starting your business. It discusses forms of business, identification numbers, tax year, accounting method, business taxes and more.

Good recordkeeping helps new businesses monitor their progress, prepare financial statements and keep track of deductible expenses for filing tax returns.

Related link:

IRS Tax Tip: Managing Your Tax Records After You Have Filed

13 Friday Apr 2012

Posted by in Income Tax

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Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records.

1. Normally, tax records should be kept for three years.

2. Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.

3. 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.

4. Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.

5. or more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals, which is available on the IRS website at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
Link:

Publication 552, Recordkeeping for Individuals (PDF 61K)