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Good records will help you monitor the progress of your business, You must keep your records as long as needed to prove the income or deductions on a tax return.. Rate the Small Business and Self-Employed Website.

Recordkeeping for Small Businesses – The Balance Small Business – Keep good tax records and you can maximize your deductions for your small business and minimize your income. Here are eight record.

Record Keeping for a Small Business Participant Guide Money Smart for a Small Business Curriculum Page 6 of 18 Keep Good Records The term "record keeping" refers to the orderly and disciplined practice of storing business records. Record keeping is one of your most important responsibilities as a small business owner.

How Long to Keep Business Records. Most business owners don’t know how long they should hold on to old records. According to the IRS, August 29th, 2013 at 2:00 am and is filed under small biz management, Starting A Business, Uncategorized.

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Also, you can use the information to make improvements to your business. It helps to keep the right records when filing tax returns. If you report an expense or income on your taxes, you need to document it. In most cases, these are the same records you use to prepare regular financial statements. Keep them organized and somewhere easy to access. Keeping good records is very important when you own a small business. Your records will help you project your tax liability.

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What business records do I need to keep? As well as maintaining any records you need to retain for other types of income, if you are in business as a self-employed sole trader or in a partnership (including property letting businesses) you need to keep some additional records for your business.

Records have to be in English, or in a form that can easily be converted. Companies: have more in-depth record keeping requirements. Financial records for companies must be kept for a minimum of 7 years. If your business owns assets, capital gains tax may apply. In this case you may need to keep records for longer. How to keep records . You can.

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Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

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