Keep good records throughout the year to reduce tax-time stress

www.irs.gov

Everyone in business must keep records. Keeping good records is very important to your business, and if you keep good records throughout the year it can help reduce tax-time stress. Good records will help you do the following:

  • Monitor the progress of your business
  • Prepare your financial statements
  • Identify source of receipts
  • Keep track of deductible expenses
  • Prepare your tax returns
  • Support items reported on tax returns

Read more about keeping good recordsĀ here.