Recordkeeping for Tax Purposes

This handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.

HIGHLIGHTS: 

1. What records should be kept.

2. Proof of income and expenses.

3. Records for special situations.

4. Proof of payment.

5. How long should you keep tax records?

6. Electronic records.

CLIENTS WHO MAY BENEFIT:

1. Business owners.

2. Individuals.