So, now that you know how long you’ll need to keep your tax returns, let's move on to what kinds of information you’ll actually need to save. If you operate as an
LLC or a
Partnership, you’ll need to save your employees’ tax information even if they've left the business for at least four years.
If you’re operating solo, you’ll need to save all the receipts, invoices and proof of any transfers you may have received or sent. Your 1099 forms and bank statements are equally as important to keep.
But you don’t have to save all your receipts if an app does it for you. With
FlyFin, you can just link your expenses and let an A.I. find all the tax deductions you can claim every tax year. If you want expert advice on 1099 taxes, a team of CPAs is available 24/7 on the app. They can even help you by preparing and filing your federal and state tax returns.