#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!