April 15, 2009 is Tax Day, and it is just a few weeks away. So, small business owners across the United States have begun to assemble the business records necessary to prepare their federal income tax returns. For a business owner who has not kept records diligently throughout the year, tax return preparation often involves a frenzied attempt to locate and decipher old receipts and invoices, or to reconstruct records from illegible handwritten notes. Thus, it is important that small business owners keep records throughout the year, contemporaneously with the events or transactions being recorded. As a sideline or commercial beekeeper, you must keep records in order to prepare accurate income tax returns, and determine the correct amount of tax owedby your beekeeping business. In this article, I will discuss the benefits of keeping records, what kinds of records to keep, and how long to keep those records for federal tax purposes.
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