Educational Tax Tip: Protect Your Business with Proper Tax Documentation.

Do you know which records you should keep for your business in case of an audit? The IRS requires business owners to maintain accurate records that clearly show income, expenses, assets, and employment taxes. This includes receipts, invoices, canceled checks, deposit slips, payroll records, and documentation of purchases and sales. Whether you use paper or electronic systems, your records must support the information on your tax return. Organized documentation not only helps you comply with tax laws—it also protects your business during an IRS audit.

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