It is a good idea to keep all of your receipts and any other records that you may have of your income and expenses. These will come in very handy if you are audited.
It is advantageous to categorize your expenses the following way:
- Medical Expenses
- Business Expenses
It is recommended that you keep these documents for three to seven years, depending on the document.
If you have any questions regarding accounting, domestic taxation, essential business accounting, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.