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Why YOU Should Care:
If you worked as an independent contractor or freelancer during 2012, you should receive a Form 1099-MISC from anyone who paid you more than $600 over the course of the year. You will need this form to help you calculate your annual tax return for April 15.
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Why YOU Should Care:
In order to maintain proper records for your business, you need to know how long the IRS expects you to keep each tax return and its supporting documentation.
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Why YOU Should Care:
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income and expenses, and prepare your tax returns. Electronic recordkeeping is growing in popularity as it occupies less physical space in your workplace and is easily searchable. However, it’s crucial to have the proper method in place.
