Why should I keep business records?

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:

Monitor the progress of your business
Prepare your financial statements
Identify sources of your income
Keep track of your deductible expenses
Keep track of your basis in property
Prepare your tax returns
Support items reported on your tax returns

Keeping records will only benefit you and your business. Preparing for tax season is a year long job, and the better organized you are the easier tax season will be.
For more information contact Neikirk, Mahoney, & Smith at 502-896-299