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Unformatted text preview: What kind of records should I keep? (for small businesses, from the IRS web site) You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should also 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 small businesses, the business checkbook is the main source for entries in the business books. Supporting Business Documents Purchases, sales, payroll, and other transactions you have in your business will generate supporting documents such as invoices and receipts. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and as invoices and receipts....
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This note was uploaded on 03/03/2010 for the course TAX 6845 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.
- Spring '08