Keeping Accurate Records

Records must be Clear and Proper as Required under the USA Law
Under the USA Tax law anyone carrying on a business must keep proper records to “enable the Tax Commissioner to ascertain the correct tax liability they have”. You have to be able to explain all transactions in your business. This includes recording sufficient information for the IRS to ascertain your correct taxable profit and confirm your deductible expenses.

The IRS requires you to keep all records in the English language and those records must be clear enough to enable them to work not only the correct taxable income of your business but also the correct taxable income of you as business owner.  Your business records must be retained for at least 5 years, from the date when your tax returns are lodged. In some cases the IRS can go back 10 years if they so require. 
Your records must be kept safe in an area ...

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