What records do I need to keep for taxes?
Clear records of income, expenses, and tax collected make filing and audits manageable.
The Narrative
The Empathy
Receipts pile up quickly, and it is hard to know what to keep. You want a system that is simple and compliant.
The Education
The basics include sales records, expense receipts, mileage logs, inventory costs, sales tax collected, and bank deposits. Keeping digital copies is usually acceptable. Many vendors keep records for at least three to seven years, depending on local rules.
The Solution
Use a folder or cloud drive with categories for sales, expenses, taxes, and permits. Update it after each market and scan receipts immediately. Consistent organization prevents year-end scrambles.