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What Kind of Business Records Should I Keep Except in a few cases, the law does not require any special kind of records. You may choose any record keeping system suited to your business that clearly shows your income. Your record keeping system should include a summary of your business transactions. * * * This summary is ordinarily made in your business books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits. For most small businesses, the business checkbook is the main source for entries in the business books. Purchases, sales, payroll, and other transactions you have in your business will generate supporting documents such as invoices and receipts. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return. You should keep them in an orderly fashion and in a safe place. For more detailed information refer to Publication 583. The following are some of the types of records you should keep.
Source: IRS.gov Business |
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