Small businesses don’t always have the human or financial resources to devote to tax recordkeeping. Nevertheless, owners and independent contractors need to ensure their recordkeeping will enable them to substantiate their income and deductions when they file tax returns. A simple, yet comprehensive recordkeeping system will also help you make strategic decisions about budgeting and expenditures to grow your business. At a minimum, make sure you retain records of gross receipts, inventory and expenses. Depending on the type of business and the tax returns you’re required to file, you may need to keep other records (for example, related to employees). Contact us for help.
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