Good records support your tax return if the IRS has questions, and make filing faster.
Keep
- Invoices and payment records
- Receipts for business expenses
- Mileage logs
- 1099 forms you receive
- Bank and card statements for business accounts
- Records of estimated tax payments
How long
The IRS generally recommends keeping records for at least three years after filing, and longer in some situations. Records for equipment should be kept for as long as you own it, plus the tax record period.
General educational information, not tax advice. Rules change every year. Pocket Change Pros isn't paid by any bank, software company or tax service.