Small-business owners should save:
• Sales slips
• Paid bills
• Invoices
• Receipts
• Deposit slips
• Canceled checks
In addition, you should also keep gross receipts such as:
• Cash register tapes
• Deposit information
• Receipt books
• Invoices
• Form 1099-MISC
And, receipts made for business purchases:
• Canceled checks or receipts that show the payee, amount, and proof of payment
• Cash register tape receipts
• Credit card receipts and statements
• Invoices
What business expenses receipts should I keep?
Besides the purchases, your expenses are also the costs of running the business. You should also ask for advice from a professional regarding the receipts that you should keep. The following should be kept for taxes: canceled checks, cash register tapes, account statements, credit card receipts and statements, and invoices.
Plus, keep all the credit card statements and cash register receipts.
But, that’s not all, you should also keep the following:
