April 19, 2019
Here are answers to some common business-related recordkeeping questions.
Small business owners should choose a recordkeeping system that clearly shows income and expenses.
The general rule is three years depending on the action, expense and event recorded in the document.
A good recordkeeping system includes a summary of all business transactions.
Small business owners must be able to prove expenses to deduct them.
Business owners should keep all records of employment taxes for at least four years.