The United States Small Business Administration offers tax tips to small enterprises, and at Bullock, Garner,  & Leslie we’re sharing some of their strategies for a successful tax season. Today we’ll go over the first in our series of tips: saving documentation to deal with the possibility of an audit.

The strategy here is as simple as proper record-keeping coupled with understanding available deductions. It’s important to keep accurate records year-round, and we’re your Melbourne accountants to help with that! Be sure to save paperwork that can back up what you’ve reported for deductions, including mileage records, expenses for travel, or hours logged on the road.

Because tax credits change continuously, you’ll want to be sure that you always have the data to back up any deductions you claim. We recommend keeping all documentation for the past three calendar years on hand and then storing files for up to seven years. At Bullock, Garner, & Leslie, our goal is to help you manage the business accounting process so that you’re never concerned about your tax situation, and record-keeping is one way to ensure you’ve always got the documentation you may need.