Good record keeping is key to avoiding headaches at tax time, according to the team at US Tax Professionals
North Vancouver, BC -- (ReleaseWire) -- 08/21/2018 --Whether business owners rely on an Excel spreadsheet, an app, an online system, or something else to keep receipts organized, good record-keeping is the key to recalling all the transactions made during the tax year. If the IRS and Revenue Canada request more information, these paper trails are vital for streamlining the tax process.
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Records are absolutely vital when it comes to documenting all the deductions claimed on a tax return. In the event of an audit, these trails will help auditors understand and verify various claims and write-offs. To follow best practices, tax records should be kept for a period of three years, but some documents—such as records relating to a home purchase or sale, stock transactions, IRA, and business or rental property—should be stored more or less indefinitely.
In most cases, the IRS does not require records in any special or specific manner. Generally speaking, however, business owners should keep any and all documents that may have an impact on your federal tax returns. This includes, but is not limited to:
- Credit cards and other receipts
- Mileage logs
- Canceled, imaged, or substituted checks or any other proof of payment
- Any other records to support deductions or credits you claim on your return
Good record keeping will save time and effort at tax time. For more information on what kinds of records businesses should keep—or for assistance in setting up a record keeping system that works for you, please call US Tax Professionals at 604-281-3318.
About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in US tax preparation for individuals and expats, taxation and accounting for business, c ross-border taxation for Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit http://www.us-taxprofessionals.com or call 604-281-3318.
US Tax Professionals
Company Website: http://www.us-taxprofessionals.com