If you are depreciating your house, you need to keep those records for at least three years after the sale of your house. As a rule, save all business records for seven years. The Internal Revenue Service provides a small business tax workshop designed to help small business owners, like family day care operators. Overview of record keeping for tracking business income and expenses. A chance to try completing employment tax returns.
Workshops are ongoing.
The IRS maintains a tax information service with a toll-free number that answers your questions about federal income tax. You will find more information numbers in your telephone directory under United States Government Internal Revenue Service. The Internal Revenue Service has Tele-Tax tapes that cover 150 different topics. Many people enjoy working with figures and find doing their records and tax accounts extremely satisfying. For other people, simple bookkeeping is work enough, and they have someone trained in tax preparation to complete and file forms.