TIP #2: Update your company book
The company book is the place to organize the history of your company. It can include organizational information, meeting minutes, including annual minutes, annual financial statements, and much more.
This information in a company book can help support tax deductions and tax positions, which is an effective way to protect your tax savings.
When my team prepares a business tax return, we provide a list of items to include the annual minutes. Be sure to update your annual minutes so the items in your business tax returns are properly supported in your minutes.