Best QuickBooks Consulting & Training in Palm Harbor, FL

HVAC and business owners - what types of documentation do you need to keep for taxes? 🗃 🗄 I get asked about receipts a lot - do you need to keep them, and is it okay to store them digitally? Or must they be required to be a hard copy? With tax season around the corner here, it’s a good time to think with these record-keeping requirements. While the full information is covered in Publication 583, here are some key notes: Per the IRS, you may choose any record keeping system suited to your business that clearly shows income and expenses. Of course, that depends on your business. So, what does that mean? Well, a good record keeping system would clearly summarize your business transactions, including income and expenses. (Many small businesses use Quickbooks Online as their accounting software.) In addition to your accounting software, the IRS says you should keep support business documents. Some examples include: - Sales slips - Paid bills - Invoices - Receipts - Deposit slips - Bank and credit card statements The good news is - you’re able to store them electronically. The IRS accepts this, and states that all requirements that apply to hard copy books and records also apply to electronic records. In addition to the above, certain expenses require extra recordkeeping - such as travel, meals and transportation. Hopefully this information is useful! If in doubt, it’s better to scan the document and store it safely for any possible future reference...