SESKStuff Everyone Should Know
SESK: Stuff Everyone Should Know · sesk.info/biz-keep-supporting-documents

Why keep receipts, invoices, deposit slips, and canceled checks?

They support entries in the books and tax return.

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  1. They replace every tax form
  2. They set sales-tax rates
  3. They document business transactions ✔

Why: Supporting documents show what happened, how much, when, and often the business purpose. Organize them by year and income or expense type.

Huh, didn't know that: Proof of payment alone may not establish that a cost qualifies as a deduction.

The dad joke
Why did the receipt join the file? It wanted to prove a point.
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References

Answer: They document business transactions. Supporting documents show what happened, how much, when, and often the business purpose. Organize them by year and income or expense type.

  1. IRS Publication 583, Starting a Business and Keeping Records www.irs.gov/publications/p583
    It is important to keep these documents because they support the entries in your books and on your tax return.
    Checked 2026-10-11.

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