Keeping Records for the IRS: Individuals and Small Businesses

Keeping Records for the IRS: Individuals and Small Businesses

Blog, Business, Tax
Generally, the IRS does not require any records to be kept, provided the taxpayer can truthfully certify on their income tax returns that the information provided is full, accurate, and complete to the best of their knowledge.  This comes as a surprise for many people.  From a pragmatic standpoint, it is good policy for either an individual or a business to keep complete and functionally useful records. Why is it Good Policy to Keep Records? Keeping records will make the process of filling out income tax returns and relevant schedules quick and easy when tax time rolls around.  Further, complete records will assist the taxpayer in ancillary matters such as keeping track of one's business performance or personal budget.  Finally (and most importantly), the IRS places the burden of proving…
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