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Tallie LLC questions 1-31, #7

7. What documentation and record-keeping practices should I implement to facilitate smooth tax filings and compliance for my LLC on TurboTax?

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PoojaT27
Employee Tax Expert

Tallie LLC questions 1-31, #7

According to the IRS,

"You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your business books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits. For most small businesses, the business checking account is the main source for entries in the business books."

The following IRS article has more details about the recorkeeping requirements for a business

What kind of records should I keep 

Specifically for preparing your return in Turbo Tax, you should maintain the business income and expense records. I see one of your question mentions Quickbooks, keep your Quikbooks upto date with all business transactions and you will be abel to print Profit and Loss and Balance Sheet reports which will help you prepare your tax return.

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