Tax Records to Keep

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You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your business books; for example, accounting journals and ledgers. Your books must show your gross income, as well as your deductions and credits. For most startup businesses, the business checkbook is the main source for entries in the business books. Some businesses choose to use electronic accounting software programs to capture and organize their records. Types of documents and records you should keep are: gross receipts, purchases, expenses, assets, employment taxes, travel, transportation, entertainment and gift expenses. You should keep them in an orderly fashion and in a safe place.

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For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.

Tags: Business Expenses, Corporation, Deductions, incorporation, IRS, LLC, Record Keeping, Recordkeeping, Small Business Taxes

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