Essential Financial Resources for Business Success and Growth
Comprehensive Financial Resources for Businesses in Washington and Nationwide
At BAM Bookkeeping, our mission is to equip you with all the tools and support necessary for your personal and business bookkeeping and accounting needs. To help you manage your finances efficiently and effectively, we have curated a collection of invaluable resources. These resources are designed to simplify your bookkeeping process, enhance your financial understanding, and ensure your accounting is accurate and up-to-date. Whether you are managing your own finances or overseeing a business, these tools will provide you with the guidance and support you need to succeed.
New Employee Forms
You can also sign up for the E-Verify site https://www.e-verify.gov/about-e-verify/what-is-e-verify/e-verify-and-form-i-9
State Tax Forms
Record Retention Guide
Storing tax records: How long is long enough?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.
Special Circumstances
Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.
Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it).
You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.
Caution: Identity theft is a serious threat in today's world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash.
Business Documents To Keep For One Year
- Correspondence with Customers and Vendors
- Duplicate Deposit Slips
- Purchase Orders (other than Purchasing Department copy)
- Receiving Sheets
- Requisitions
- Stenographer's Notebooks
- Stockroom Withdrawal Forms
Business Documents To Keep For Three Years
- Employee Personnel Records (after termination)
- Employment Applications
- Expired Insurance Policies
- General Correspondence
- Internal Audit Reports
- Internal Reports
- Petty Cash Vouchers
- Physical Inventory Tags
- Savings Bond Registration Records of Employees
- Time Cards For Hourly Employees
Business Documents To Keep For SixYears
- Accident Reports, Claims
- Accounts Payable Ledgers and Schedules
- Accounts Receivable Ledgers and Schedules
- Bank Statements and Reconciliations
- Cancelled Checks
- Cancelled Stock and Bond Certificates
- Employment Tax Records
- Expense Analysis and Expense Distribution Schedules
- Expired Contracts, Leases
- Expired Option Records
- Inventories of Products, Materials, Supplies
- Invoices to Customers
- Notes Receivable Ledgers, Schedules
- Payroll Records and Summaries, including payment to pensioners
- Plant Cost Ledgers
- Purchasing Department Copies of Purchase Orders
- Sales Records
- Subsidiary Ledgers
- Time Books
- Travel and Entertainment Records
- Vouchers for Payments to Vendors, Employees, etc.
- Voucher Register, Schedules
Business Documents To Keep For Forever
While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.
- Audit Reports from CPAs/Accountants
- Cancelled Checks for Important Payments (especially tax payments)
- Cash Books, Charts of Accounts
- Contracts, Leases Currently in Effect
- Corporate Documents (incorporation, charter, by-laws, etc.)
- Documents substantiating fixed asset additions
- Deeds
- Depreciation Schedules
- Financial Statements (Year End)
- General and Private Ledgers, Year End Trial Balances
- Insurance Records, Current Accident Reports, Claims, Policies
- Investment Trade Confirmations
- IRS Revenue Agents' Reports
- Journals
- Legal Records, Correspondence and Other Important Matters
- Minute Books of Directors and Stockholders
- Mortgages, Bills of Sale
- Property Appraisals by Outside Appraisers
- Property Records
- Retirement and Pension Records
- Tax Returns and Worksheets
- Trademark and Patent Registrations
Personal Documents To Keep For One Year
- Bank Statements
- Paycheck Stubs (reconcile with W-2)
- Canceled checks
- Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)
Personal Documents To Keep For Three Years
- Credit Card Statements
- Medical Bills (in case of insurance disputes)
- Utility Records
- Expired Insurance Policies
Personal Documents To Keep For SixYears
- Supporting Documents For Tax Returns
- Accident Reports and Claims
- Medical Bills (if tax-related)
- Property Records / Improvement Receipts
- Sales Receipts
- Wage Garnishments
- Other Tax-Related Bills
Personal Documents To Keep For Forever
- CPA Audit Reports
- Legal Records
- Important Correspondence
- Income Tax Returns
- Income Tax Payment Checks
- Investment Trade Confirmations
- Retirement and Pension Records
Special Circumstances
- Car Records (keep until the car is sold)
- Credit Card Receipts (keep with your credit card statement)
- Insurance Policies (keep for the life of the policy)
- Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
- Pay Stubs (keep until reconciled with your W-2)
- Property Records / improvement receipts (keep until property sold)
- Sales Receipts (keep for life of the warranty)
- Stock and Bond Records (keep for 6 years beyond selling)
- Warranties and Instructions (keep for the life of the product)
- Other Bills (keep until payment is verified on the next bill)
- Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
Find IRS Tax Forms. Enter keywords here:
The publications listed below are located on the IRS Web site and require Adobe Acrobat Reader to view. Visit the Adobe Web Site to install the latest version of Acrobat Reader.
Click a publication to view it online.
| Publication 524 | Credit for the Elderly or the Disabled https://www.irs.gov/pub/irs-pdf/p524.pdf |
|---|---|
| Publication 525 | Taxable and Nontaxable Income https://www.irs.gov/pub/irs-pdf/p525.pdf |
| Publication 526 | Charitable Contributions https://www.irs.gov/pub/irs-pdf/p526.pdf |
| Publication 527 | Residential Rental Property (Including Rental of Vacation Homes) https://www.irs.gov/pub/irs-pdf/p527.pdf |
| Publication 529 | Miscellaneous Deductions https://www.irs.gov/pub/irs-pdf/p529.pdf |
| Publication 530 | Tax Information for First-Time Homeowners https://www.irs.gov/pub/irs-pdf/p530.pdf |
| Publication 531 | Reporting Tip Income https://www.irs.gov/pub/irs-pdf/p531.pdf |
| Publication 535 | Business Expenses https://www.irs.gov/forms-pubs/guide-to-business-expense-resources |
| Publication 536 | Net Operating Losses https://www.irs.gov/pub/irs-pdf/p536.pdf |
| Publication 537 | Installment Sales https://www.irs.gov/pub/irs-pdf/p537.pdf |
| Publication 538 | Accounting Periods and Methods https://www.irs.gov/pub/irs-pdf/p538.pdf |
| Publication 541 | Partnerships https://www.irs.gov/pub/irs-pdf/p541.pdf |
| Publication 542 | Corporations https://www.irs.gov/pub/irs-pdf/p542.pdf |
| Publication 544 | Sales and other Dispositions of Assets https://www.irs.gov/pub/irs-pdf/p544.pdf |
| Publication 547 | Casualties, Disasters, and Thefts https://www.irs.gov/pub/irs-pdf/p547.pdf |
| Publication 550 | Investment Income and Expenses (Including Capital Gains and Losses and Mutual fund Distributions) https://www.irs.gov/pub/irs-pdf/p550.pdf |
| Publication 554 | Tax Guide for Seniors https://www.irs.gov/pub/irs-pdf/p554.pdf |
| Publication 555 | Community Property https://www.irs.gov/pub/irs-pdf/p555.pdf |
| Publication 556 | Examination of Returns, Appeal Rights, and Claims for Refund https://www.irs.gov/pub/irs-pdf/p556.pdf |
| Publication 557 | Tax-Exempt Status for Your Organization https://www.irs.gov/pub/irs-pdf/p557.pdf |
| Publication 559 | Survivors, Executors and Administrators https://www.irs.gov/pub/irs-pdf/p559.pdf |
| Publication 560 | Retirement Plans for Small Business https://www.irs.gov/pub/irs-pdf/p560.pdf |
| Publication 570 | Tax Guide for Individuals With Income from U.S. Possessions https://www.irs.gov/pub/irs-pdf/p570.pdf |
| Publication 571 | Tax-Sheltered Annuity Programs for Employees of Public Schools and Certain Tax-Exempt Organizations https://www.irs.gov/pub/irs-pdf/p571.pdf |
| Publication 575 | Pension and Annuity Income https://www.irs.gov/pub/irs-pdf/p575.pdf |
| Publication 583 | Starting a Business and Keeping Records https://www.irs.gov/pub/irs-pdf/p583.pdf |
| Publication 587 | Business Use of Your Home (Including Use by Day-Care Providers) https://www.irs.gov/pub/irs-pdf/p587.pdf |
| Publication 590-A | Contributions to Individual Retirement Arrangements (IRAs) https://www.irs.gov/pub/irs-pdf/p590a.pdf |
| Publication 590-B | Distributions to Individual Retirement Arrangements (IRAs) https://www.irs.gov/pub/irs-pdf/p590b.pdf |
| Publication 595 | Capital Construction Fund for Commercial Fishermen https://www.irs.gov/pub/irs-pdf/p595.pdf |
| Tax Glossary | Tax Glossary https://apps.irs.gov/app/vita/glossary.jsp |
|---|---|
| Schedule K-1 (Form 1065) | Schedule K-1 (Form 1065) https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf |
| Schedule K-1 (Form 1120) | Schedule K-1 (Form 1120) https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf |
| Schedule K-1 (Form 1041) | Schedule K-1 (Form 1041) https://www.irs.gov/pub/irs-pdf/f1041sk1.pdf |
| Publication 1 | Your Rights As a Taxpayer https://www.irs.gov/pub/irs-pdf/p1.pdf |
| Publication 3 | Armed Forces' Tax Guide https://www.irs.gov/pub/irs-pdf/p3.pdf |
| Publication 15 | Circular E, Employer's Tax Guide https://www.irs.gov/pub/irs-pdf/p15.pdf |
| Publication 15A | Employer's Supplemental Tax Guide https://www.irs.gov/pub/irs-pdf/p15a.pdf |
| Publication 15B | Employer's Tax Guide to Fringe Benefits https://www.irs.gov/pub/irs-pdf/p15b.pdf |
| Publication 17 | Your Federal Income Tax https://www.irs.gov/pub/irs-pdf/p17.pdf |
| Publication 51 | Circular A, Agricultural Employer's Tax Guide https://www.irs.gov/pub/irs-pdf/p51.pdf |
| Publication 54 | Tax Guide for U.S. Citizens and Resident Aliens Abroad https://www.irs.gov/pub/irs-pdf/p54.pdf |
| Publication 80 | Circular SS - Federal Tax Guide for Employers in the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands https://www.irs.gov/pub/irs-pdf/p80.pdf |
| Publication 225 | Farmer's Tax Guide https://www.irs.gov/pub/irs-pdf/p225.pdf |
| Publication 334 | Tax Guide for Small Business https://www.irs.gov/pub/irs-pdf/p334.pdf |
| Publication 463 | Travel, Entertainment, Gift, and Car Expenses https://www.irs.gov/pub/irs-pdf/p463.pdf |
| Publication 501 | Exemptions, Standard Deduction, and Filing Information https://www.irs.gov/pub/irs-pdf/p501.pdf |
| Publication 502 | Medical and Dental Expenses https://www.irs.gov/pub/irs-pdf/p502.pdf |
| Publication 503 | Child and Dependent Care Expenses https://www.irs.gov/pub/irs-pdf/p503.pdf |
| Publication 504 | Divorced or Separated Individuals https://www.irs.gov/pub/irs-pdf/p504.pdf |
| Publication 505 | Tax Withholding and Estimated Tax https://www.irs.gov/pub/irs-pdf/p505.pdf |
| Publication 509 | Tax Calendars https://www.irs.gov/pub/irs-pdf/p509.pdf |
| Publication 510 | Excise Taxes (Including Fuel Tax Credits and Refunds) https://www.irs.gov/pub/irs-pdf/p510.pdf |
| Publication 514 | Foreign Tax Credit for Individuals https://www.irs.gov/pub/irs-pdf/p514.pdf |
| Publication 515 | Withholding of Tax on Nonresident Aliens and Foreign Corporations https://www.irs.gov/pub/irs-pdf/p515.pdf |
| Publication 516 | U.S. Government Civilian Employees Stationed Abroad https://www.irs.gov/pub/irs-pdf/p516.pdf |
| Publication 517 | Social Security and Other Information for Members of the Clergy & Religious Workers https://www.irs.gov/pub/irs-pdf/p517.pdf |
| Publication 519 | U.S. Tax Guide for Aliens https://www.irs.gov/pub/irs-pdf/p519.pdf |
| Publication 521 | Moving Expenses https://www.irs.gov/pub/irs-prior/p521--2018.pdf |
| Publication 523 | Selling Your Home https://www.irs.gov/pub/irs-pdf/p523.pdf |
| Publication 596 | Earned Income Credit https://www.irs.gov/pub/irs-pdf/p596.pdf |
|---|---|
| Publication 598 | Tax on Unrelated Business Income of Exempt Organizations https://www.irs.gov/pub/irs-pdf/p598.pdf |
| Publication 721 | Tax Guide to U.S. Civil Service Retirement Benefits https://www.irs.gov/pub/irs-pdf/p721.pdf |
| Publication 901 | U.S. Tax Treaties https://www.irs.gov/pub/irs-pdf/p901.pdf |
| Publication 907 | Tax Highlights for Persons With Disabilities https://www.irs.gov/pub/irs-pdf/p907.pdf |
| Form 911 | Request for Taxpayer Advocate Service Assistance https://www.irs.gov/pub/irs-pdf/f911.pdf |
| Publication 915 | Social Security and Equivalent Railroad Retirement Benefits https://www.irs.gov/pub/irs-pdf/p915.pdf |
| Publication 925 | Passive Activity and At-Risk Rules https://www.irs.gov/pub/irs-pdf/p925.pdf |
| Publication 926 | Household Employers Tax Guide https://www.irs.gov/pub/irs-pdf/p926.pdf |
| Publication 929 | Tax Rules for Children and Dependents https://www.irs.gov/forms-pubs/publication-929-tax-rules-for-children-and-dependents-will-no-longer-be-revised |
| Publication 936 | Home Mortgage Interest Deduction https://www.irs.gov/pub/irs-pdf/p936.pdf |
| Publication 939 | General Rule for Pensions and Annuities https://www.irs.gov/pub/irs-pdf/p939.pdf |
| Publication 946 | How to Depreciate Property https://www.irs.gov/pub/irs-pdf/p946.pdf |
| Publication 957 | Reporting Back Pay and Special Wage Payments to the Social Security Administration https://www.irs.gov/pub/irs-pdf/p957.pdf |
| Form 8839 | Qualified Adoption Expenses https://www.irs.gov/pub/irs-pdf/f8839.pdf |
| Publication 969 | Health Savings Accounts and Other Tax-Favored Health Plans https://www.irs.gov/pub/irs-pdf/p969.pdf |
| Publication 970 | Tax Benefits for Education https://www.irs.gov/pub/irs-pdf/p970.pdf |
| Publication 1212 | Guide to Original Issue Discount (OID) Instruments https://www.irs.gov/pub/irs-pdf/p1212.pdf |
| Publication 1345 | Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns https://www.irs.gov/pub/irs-pdf/p1345.pdf |
| Publication 1544 | Reporting Cash Payments of Over $10,000 https://www.irs.gov/pub/irs-pdf/p1544.pdf |
| Publication 1771 | Charitable Contributions - Substantiation and Disclosure Requirements https://www.irs.gov/pub/irs-pdf/p1771.pdf |
| Publication 1828 | Tax Guide for Churches and Religious Organizations https://www.irs.gov/pub/irs-pdf/p1828.pdf |
| Publication 3079 | Tax-Exempt Organizations and Gaming https://www.irs.gov/pub/irs-pdf/p3079.pdf |
| Publication 3402 | Taxation of Limited Liability Companies https://www.irs.gov/pub/irs-pdf/p3402.pdf |
| Publication 4221-PC | Compliance Guide For 501(c)(3) Public Charities https://www.irs.gov/pub/irs-pdf/p4221pc.pdf |
| Publication 4221-NC | Compliance Guide for Tax Exempt Organizations (other than 501(c)(3) Public Charities and Private Foundations) https://www.irs.gov/pub/irs-pdf/p4221nc.pdf |
| Publication 4557 | Safeguarding Taxpayer Data - A Guide for Your Business https://www.irs.gov/pub/irs-pdf/p4557.pdf |