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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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What to Keep

The following are some of the most important reasons to keep paperwork on your business activities:
• To back up your financial statements if you are questioned by the government or by your investors
• To back up your tax deductions if you are audited by the government
• To report your sales and the amount of sales tax due
• To prove that you paid a vendor or contractor for its goods and services
• To track employee compensation and benefits
• To respond to any legal disputes that arise from your business transactions
Each type of business has even more reasons specific to its activities. If you are a government contractor, record-retention requirements are usually specified in the contract. Other types of contract work have similar ...

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