Taxes & Compliance Basics — Recordkeeping Checklist

Which essential documents do you retain?

Check items you already keep (aim for searchable digital copies). Retention suggestions are shown but confirm for your jurisdiction.

Business bank statements (typical: 3–7 years)

Sales invoices / receipts sent to customers

Purchase invoices / receipts for expenses

Receipts for deductible expenses (meals, supplies)

Past tax returns and supporting schedules

Received 1099s / issued 1099s

Mileage & vehicle use log

Fixed-asset purchase & depreciation records

Contracts and client/vendor agreements

Insurance policies and claims documents

Your chosen default retention period (years)

Enter a number to establish a simple retention policy (e.g., 6). Adjust by document type when necessary.

Bookkeeping habits to maintain

Pick rules to follow regularly so your books stay audit-ready.

Use a separate business bank account and card

Record transactions weekly

Reconcile bank & credit card monthly

Categorize income and expenses consistently

Scan/photograph receipts and attach to transactions

Use accounting software (QuickBooks, Xero, Wave, etc.)

Back up financial records regularly

Quarterly and periodic tax tasks

Check tasks you have set up or completed to avoid missed filings or payments.

Estimated tax payment schedule set on calendar

Sales tax collection & filing process set up (if applicable)

Payroll tax filings (if you have employees) configured

Quarterly profit & loss review scheduled

Next estimated tax payment due date (optional)

Enter the date you or your accountant uses for your next estimated payment.

When to consult an accountant

Consider professional help for these situations; checking early can prevent costly mistakes.

You receive an audit or notice from tax authorities

Complex income, large one-off sale, or capital gain

Changing business structure (LLC, S corp, etc.)

Beginning to hire or run payroll

Unclear about allowable deductions or home-office rules

Rapid revenue growth or unusual losses

Need help calculating/filing estimated taxes

Minimal audit-prep checklist

These items make responding to an audit much easier and faster.

Year-to-date P&L and balance summary ready

Bank accounts reconciled for the period under review

Receipts & invoices organized by category and date

Digital copies/backups accessible for review

Payroll and contractor payment records ready

Documents supporting entries on filed tax return

How confident are you in your current tax recordkeeping?

Choose 1–5 where 1 = Not confident and 5 = Very confident

1.0 10.0

Accountant or advisor contact (name & email/phone)

If you have one, store contact info for quick reference.

Notes & next steps

Record actions, deadlines, or questions to discuss with an advisor.

Taxes & Compliance Basics — Recordkeeping Checklist

Taxes & Compliance Basics — Recordkeeping Checklist

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