Common Questions About Recordkeeping for Small Businesses

The May Small Business Connection Newsletter sent by the Illinois Department of Commerce and Economic Opportunity (DCEO) included a section titled: Common Questions About Recordkeeping for Small Businesses. You can view the text of the article with more detailed links below.

What records should owners keep?
Small business owners should choose a recordkeeping system that clearly shows income and expenses.

How long should records be kept?
The general rule is three years depending on the action, expense and event recorded in the document.

How should transactions be recorded?
A good recordkeeping system includes a summary of all business transactions. 

How long should employment tax records be kept?
Business owners should keep all records of employment taxes for at least four years.

Interested in receiving updates like this in your inbox? Sign up for the DCEO Small Business Connection Newsletter here.