Do You Own A Business?
Post date: 2/1/2022
Availability and special terms are subject to change.
Getting your tax records organized has even greater importance.
As a business, there’s even greater pressure to ensure what you provide on your tax return is legitimate.
For a smooth tax season, you’ll need to have on hand all supporting documentation concerning your business income, credits, or deductions — and you’ll need to maintain this material for at least three years. Some items may require even longer retention. Look to the IRS for the specific guidelines they require. Your accountant, tax advisor, or lawyer can also help.
The IRS recommends having these documents as supporting tax documentation:
- Invoices for goods and services
- Credit card statements
- Canceled checks
- Employee wage information
- Travel expenses
- Transportation costs
Regarding your staff, the IRS also advises that you maintain employee records (Social Security numbers, wages, tax deposits, annuities, and other information) for at least four years. Also, monitor your travel, transportation, and entertainment expenses. These can often help provide additional deductions that can reduce your tax burden.
Every business is unique!
Managing your tax documents is easier with our online tools — such as Online and Mobile Banking, eStatements, My Virtual StrongBox, and more. Your material stays private yet easily accessible online. These tools can also help you store an organized record of your profits and losses conveniently online.
We recommend you visit the Small Business and Self-Employed Tax Center at IRS.gov. Or contact our Business Services team. We’re here to assist.