To submit this form, first ensure that all sections are completely filled out. You can either fax your submission to the IRS or mail it to your local IRS office. For electronic submissions, check if your tax software allows submission of such forms directly and follow their guidance carefully.

Important dates for filing and recordkeeping include the tax return deadline on April 15, 2025, and the necessity to keep most records for three years following your filing date. For specific deductions or claims, additional timeframes may apply, making timely organization crucial.

The purpose of this form is to guide business owners in maintaining accurate and comprehensive records for IRS compliance. Proper recordkeeping ensures that all eligible expenses and deductions are documented, helping to minimize tax liabilities. This form serves as a reference for the types of documents needed, which aids in fulfilling federal and state reporting requirements.

• 1. Sold: Total sales made during the year.
• 2. Deductions: List of eligible business expenses and deductions.
• 3. Commission & Fees: Documentation of commissions and any associated fees.
• 4. Expenses: Detailed records of all business-related expenses.
• 5. Supporting Documents: Documents supporting income and expenses such as receipts and invoices.

Failing to submit this form can lead to inaccurate tax filings and potential audits by the IRS. Late submissions may incur penalties or fines, adversely affecting your business finances.

• Inaccurate Tax Returns: Submitting the wrong information can result in fines.
• IRS Audits: Failure to maintain proper records may trigger an audit.
• Financial Penalties: Late submissions might attract financial penalties for the business.

• 1. Annual Tax Filing: Essential for preparing your annual tax returns.
• 2. Business Audits: Useful during IRS audits to provide necessary documentation.
• 3. Expense Tracking: Helps in tracking business expenses throughout the year.