Record keeping is the act of maintaining and preserving documents and records. Properly maintained records help tax payers in several ways especially when preparing tax return and during times when the IRS sends a notice. Important and essential records such as cancelled checks, receipts, etc. should be kept handy and in a place where it is easy to locate. Whether an individual or business owner, they should keep in mind to maintain their records for hassle-free filing of taxes. For example, those into the trucking business should ensure maintaining their documents to avoid any hassles when filing their tax return. Continue reading →