AKAS II's Quick-Fix Rules of Recordkeeping

#1: KEEP IT SIMPLE. Never use a bookkeeping system that you don't understand!

#2: KEEP A CALENDAR, DIARY OR JOURNAL OF WHAT YOU DO. Those little scribbles can come in really handy at tax time!

#3: IF IT HAS ANYTHING TO DO WITH MONEY YOU RECEIVED, KEEP THE EVIDENCE. It might be taxable to somebody some day!

#4: SAVE ALL DOCUMENTS THAT ARE FOR BUSINESS OR ARE TAX-RELATED TRANSACTIONS. When it's obviously personal and you're certain it won't be taxable or have importance on down the road, shred it!

#5: IF YOU'RE NOT REALLY SURE, SAVE IT ANYWAY. It's better to be safe than sorry!

Never underestimate the importance of recordkeeping. See the Recordkeeping Kits for more!

TaxTip SM   is a free service of AKAS II and does not contain legal or tax advice. All publications and services of AKAS II are designed to contain accurate and authoritative information in regard to the subject matter covered, but they are sold with the understanding that its author and the publisher are not engaged in rendering legal, accounting, or other professional services. If any legal advice or other expert assistance is required, the services of a competent professional person should be sought. While every effort has been made to provide accurate information, neither the author nor the publisher can be held liable for any errors or omissions. The publisher does not guarantee or warrant that the readers who use the information provided in its publications, services, or web pages will achieve similar results to those discussed.

Revised 03.11.01 Copyright 1996-2001 AKAS II. All Rights Reserved.

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