Prevention is better than cure’ is one of the oldest phrases that we hear from time to time.  In business when it comes to financial matters, it is important to keep records of all transactions as a precaution; be it small or a big transaction. The sole and the most important reason to perform business activities is to earn profit; increase the zeros in our bank accounts. At the same time, we want to make sure that no mistakes or problems occur while earning those hard earned dollars for IRS or anybody else to snatch it away from us. Hence we need a good recordkeeping system that can actually help you save money. Keeping records to maintain the progress of our business is just as important. As per the IRS, Keep records for all taxable highway vehicles registered in your name for at least 3 years after the date the tax is due or paid, whichever is later. They must be available at all times for inspection by the IRS. When it comes to filing tax 2290, it is important to maintain records for the following reasons: Continue reading →