{"id":1972,"date":"2017-03-15T14:44:57","date_gmt":"2017-03-15T14:44:57","guid":{"rendered":"https:\/\/juradolawfirm.com\/?p=1972"},"modified":"2022-02-15T06:02:32","modified_gmt":"2022-02-15T06:02:32","slug":"business-owner-records","status":"publish","type":"post","link":"https:\/\/juradolawfirm.com\/business-owner-records\/","title":{"rendered":"Business Owner Records"},"content":{"rendered":"\n
You may choose any recordkeeping system suited to your business<\/a> that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should also include a summary of your business transactions. This summary is ordinarily made in your business books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits. For most small businesses, the business checkbook is the main source for entries in the business books.<\/p>\n\n\n\n Purchases, sales, payroll, and other transactions you have in your business will generate supporting documents such as invoices and receipts. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return. You should keep them in an orderly fashion and in a safe place. For instance, organize them by year and type of income or expense<\/a>.<\/p>\n\n\n\n The following are some of the types of records you should keep:<\/em><\/p>\n\n\n\n If you need legal help, please give Attorne<\/a>y Romy B. Jurado, Esq. a call today at (305) 921-0976<\/a> or send an email to\u00a0Romy@juradolawfirm.com<\/a>\u00a0to schedule an initial consultation.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" What Kind of Records Should a Business Owner keep? You may choose any recordkeeping…<\/p>\n","protected":false},"author":1,"featured_media":8517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[6],"tags":[43,44,45,46],"taxonomy_info":{"category":[{"value":6,"label":"Business Law"}],"post_tag":[{"value":43,"label":"business attorney in Florida"},{"value":44,"label":"business expert in Florida"},{"value":45,"label":"business law in Florida"},{"value":46,"label":"business lawyer in Florida"}]},"featured_image_src_large":["https:\/\/juradolawfirm.com\/wp-content\/uploads\/2017\/03\/business-owner-1024x576.jpg",1024,576,true],"author_info":{"display_name":"Romy Jurado","author_link":"https:\/\/juradolawfirm.com\/author\/romy\/"},"comment_info":0,"category_info":[{"term_id":6,"name":"Business Law","slug":"business-law","term_group":0,"term_taxonomy_id":6,"taxonomy":"category","description":"","parent":0,"count":271,"filter":"raw","cat_ID":6,"category_count":271,"category_description":"","cat_name":"Business Law","category_nicename":"business-law","category_parent":0}],"tag_info":[{"term_id":43,"name":"business attorney in Florida","slug":"business-attorney-in-florida","term_group":0,"term_taxonomy_id":43,"taxonomy":"post_tag","description":"","parent":0,"count":248,"filter":"raw"},{"term_id":44,"name":"business expert in Florida","slug":"business-expert-in-florida","term_group":0,"term_taxonomy_id":44,"taxonomy":"post_tag","description":"","parent":0,"count":241,"filter":"raw"},{"term_id":45,"name":"business law in Florida","slug":"business-law-in-florida","term_group":0,"term_taxonomy_id":45,"taxonomy":"post_tag","description":"","parent":0,"count":247,"filter":"raw"},{"term_id":46,"name":"business lawyer in Florida","slug":"business-lawyer-in-florida","term_group":0,"term_taxonomy_id":46,"taxonomy":"post_tag","description":"","parent":0,"count":245,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/posts\/1972"}],"collection":[{"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/comments?post=1972"}],"version-history":[{"count":0,"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/posts\/1972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/media\/8517"}],"wp:attachment":[{"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/media?parent=1972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/categories?post=1972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juradolawfirm.com\/wp-json\/wp\/v2\/tags?post=1972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Supporting Business Documents<\/strong><\/h2>\n\n\n\n
If you deduct travel, entertainment, gift or transportation expenses, you must be able to prove (substantiate) certain elements of expenses.<\/li>
When and how you disposed of the asset.<\/li>
There are specific employment tax records you must keep. Keep all records of employment for at least four years.<\/li><\/ul>\n\n\n\n