Business Articles

Business records: What you should keep, and why

Here’s a primer on good recordkeeping, with advice on what to hold on to, both for tax time and for good business management
By Mark E. Battersby
Published: August 14, 2014
A though the season for filing 2013 taxes is behind us, the need for good recordkeeping is always with us. Records are not only essential for tax deductions, but also, as retailers are all too aware, when selling the business, attracting partners or investors, getting a loan, or being audited by a government agency.

Federal income tax laws require every business to keep “complete and accurate records.” The decision of what records a retailer should keep and for how long usually begins with a good strategy.

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