Save time and money by planning aheadĪn early tax planning session with an accountant can save a lot of headaches in the long run. Good record keeping makes preparing tax returns easier, and supports items reported on tax returns. Records help producers keep track of deductible expenses, as there may be many throughout the year and trying to remember them all might be difficult. Keeping accurate records allow producers to monitor the progress of their business, and show whether it is improving, which items are profitable, and what may need to change. There are added benefits to keeping accurate records. It is important producers keep these records for three years from when the tax return was filed (however, some records may need to be kept longer). The reason why it is so important to keep these documents is that they support the entries listed in journals, ledgers, and tax returns. It is imperative producers also keep supporting documents such as purchases, sales, payroll, invoices and other transactions taking place in the business. The record keeping system should include a summary of all business transactions. Record Keeping Systems: What to consider Shannon Sand is part of the SDSU Economics Department and shares this information via
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