Tax tips for small business owners. Excerpt from Small Business Taxes Made Easy by TaxMama Eva Rosenberg. Get more advice for filing taxes from TaxMama’s posts on the Equifax Finance Blog. Keep all tax returns forever. Ignore what anyone else tells you. There have been…

Tax tips for small business owners. Excerpt from Small Business Taxes Made Easy by TaxMama Eva Rosenberg. Get more advice for filing taxes from TaxMama’s posts on the Equifax Finance Blog.

Keep all tax returns forever. Ignore what anyone else tells you. There have been too many times that the IRS or the state has made demands on tax returns filed 8 or 10 years ago, saying they were never filed. If you have a copy, you can insist it was filed.

If you send money in with those tax returns, keep a copy of the canceled check in the file with the returns. If you got a refund, make a copy of that, too. If the IRS grabbed your refund, you wont have any check copies, but you’ll have a letter saying it grabbed the refund from a given year. One of these three items will prove that your return was filed.

Keep copies of all asset purchases for the life of the asset plus 10 years or for the life of the loan on the asset plus 10 years. If it’s real estate, keep the paperwork until you sell it, plus 10 years.

Basically,...