Income records
Sales invoices, receipts, payment-processor reports, bank deposits, Forms 1099 received, and other records that explain the source and amount of business income.
Expense records
Vendor invoices, receipts, bills, account statements, purchase records, and evidence of payment. Keep enough detail to show the business purpose.
Banking and credit records
Monthly bank and credit-card statements, loan statements, merchant-service reports, and reconciliation records.
Asset records
Purchase invoices and documentation for equipment, vehicles, furniture, software or other assets. Tax treatment and retention requirements should be confirmed with your tax professional.
Payroll and contractor records
Payroll reports, employment records, contractor invoices, Forms W-9 collected where appropriate, and year-end information-return records.
Company and compliance records
Formation documents, EIN confirmation, ownership records, licenses, permits, insurance records, state notices, and important business contracts.