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record keeping

by secondamendment, Performer

  • Created: June 10, 2010, 6:58 am
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2 comments

We do a lot of our sales at swap meets. We sell misc used goods along with our main new products.  For tax purposes, in case we are ever audited, do we need to track every individual item we sell?  Or will just a daily total for used and new be ok?

Tags: Discuss Popular Topics, Filing and Paying Taxes
‹ Taxation of grants Non profit buisness ›

seooptimizers | Window Shopper | 6/16/2010 - 10:33 am

I believe that you need to record every sale for your records, just to be safe you may as well do it.
Professional Web Site: http://bosmol.com

BizResearcher | Window Shopper | 6/11/2010 - 11:59 am

Are you giving purchasers an invoice for their purchase? If so, that should serve as your record. If you are not giving them an invoice, you may want to check the consumer protection laws in your state. In most states, sales at a swap meet are subject to the three day return policy and you must state that information on your invoice along with your contact information.