records

Keeping meticulous records is the key to tax deductions and painless IRS audits

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported…

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tax records

Out with the Old? Not So Fast When it Comes to Disposing of Tax Records

During the COVID-19 pandemic, most people have spent a lot of time at home, inspiring many to clear out some of the clutter in their living spaces. If you’ve decided to tackle the boxes, bins or drawers full of paper files that have accumulated over the years, you may be wondering when it’s safe to…

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keep good business records

Good Records are the Key to Tax Deductions and Trouble-Free IRS Audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you…

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meeting minutes

Best Practices for Effective Board Meeting Minutes

Meeting minutes may seem like the least important aspect of your nonprofit’s board meetings. But these records of attendance, discussions and votes are critical to protecting your organization and demonstrating your directors’ proper execution of fiduciary duty. Minutes also lend structure to meetings and motivate members to act on board decisions. So it’s important to…

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