Choose something you can maintain.
The IRS allows a recordkeeping system suited to your business that clearly shows income and expenses. It can be simple, provided you can find the records and support the entries.
Choose one place for transaction records and one consistent way to store supporting documents. A spreadsheet can work for a simple business; more complex activity may need accounting software and a more detailed process.
Official source: IRS recordkeeping requirements ↗
Give every record a home.
Money in
Customer invoices, sales summaries, receipts and payment-platform reports.
Money out
Supplier invoices, receipts, bank statements and credit-card records.
Ongoing records
Assets, loans, payroll, tax filings and supporting schedules.
For digital files, use clear names such as 2026-09-21_supplier_invoice-123.pdf. Record the document reference against the transaction so you can find it again.
Keep business purpose and any relevant explanation alongside the evidence. A bank transaction shows money moving, but may not explain what was bought or why.
A routine you can tick off.
Use this checklist as a working routine. The ticks apply to this page visit; download the checklist if you want a permanent record.
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There is no single keep-everything deadline.
| Record type | IRS starting point |
|---|---|
| Ordinary income-tax support | Often three years, but exceptions can require longer. |
| Employment-tax records | At least four years after the tax becomes due or is paid, whichever is later. |
| Property records | Keep through the limitation period for the year of disposal. |
Some situations require six or seven years, and unfiled or fraudulent returns have indefinite retention rules. Keep copies of filed returns. Check insurance, lender, state and other requirements before disposing of records.
Official source: IRS retention periods and exceptions ↗
Start with the record you need.
These are working templates, not tax-return forms. Adapt the categories to your business and keep the supporting evidence.