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Assets: Why You Must Keep Records

Assets—property like machinery, furniture, and buildings you use in your business—require specific recordkeeping. The either/or dilemma is often between viewing records as a hassle and viewing them as a tool to maximize tax efficiency. A Sound strategy maximizes tax efficiency.

You must keep records related to property until the period of limitations expires for the year in which you dispose of the property. Key documents include purchase and sales invoices, real estate closing statements, and canceled checks. These documents must show when and how you acquired the asset, the purchase price, how you used it, and when and how you disposed of it. This adherence to detail is a Sound strategy that helps you manage and grow your business.

Ready to build your bulletproof business recordkeeping system? Read more on this topic by visiting https://www.safesimplesound.com/build-your-business-recordkeeping-system/.

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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.

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