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 records here.