Fred C. HOLMES

AIR.DRIED KILN-DRIED OREEN SIUDSPOSTSSPLIT PRODUCTS lilf n €, acre concentration yard

4.3 planing mill & resauring facilities

Production & home ofice:

Frcd Holmcs o Carl Form o Grry 0hlcycr

Alan Swanson o Harb Thompson P. O. Box 665, Ft. Bragg, Catif. 95437 Phone (707) 96+4058 GLOBE

THE FINEST IN PLYWOOD AND PANELING

FOR THE FINEST IN SERVICE CALL:

GLOBE IiITERNATIONAL OF CAL!F., INC. Los Angeles, California 90034 (213) 870-6456, 839-1 185

GTOBE INTERNATIONAL OF ARIZONA, INC. Phoenix, Arizona 85009 (602) 258-4941, 2s2-5854

GLOBE INTERNATIONAL OF SAN JOSE, tNC, San Jose, California 95112 (408) 998-3300

Good Record Keeping

(Continued from page 15)

The most obvious benefit from good record-keeping occurs when your return is audited. Business people have nothing to fear from an IRS audit, according to IRS, if their records, including sales slips, invoices, receipts, and canceled checks, support the income they report and the deductions and credits they claim. This is all the IRS requires of your business record-keeping.

No particular form of records is necessary. You can adjust your bookkeeping system to your own business needs.

All of these advantages of good records may easily disappear under a

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For more information on New Products and New Lit€rature, write fhe Merchant Magazine, 4500 Campus Dr., Suite 476, Newport Beach, Ca. 92660 mound of unnecessary paperwork if you are not aware of the length of time you should keep your records. Under the tax law, you are required to keep records that support an item of income or deductions for three years after the due date ofthe return. Ifyou have employees, you must maintain all records pertaining to employment taxes for at least four years after the due date of the return. Some tax records should be retained indefinitely. For example, those records relating to the cost of the property should be kept until you sell or otherwise dispose of it in order to properly compute your gain or loss of the transaction.

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If you don't know how long to keep a particular record or you want assistance in setting up your books to take every advantage of the tax law, just call the IRS for help. IRS taxpayer service representatives are available all year round to answer your tax questions. In all areas of tle country, you can call the IRS toll-free. Or you can write or stop in at an IRS office. The IRS has many informative booklets to help you with your record-keeping on the tax side of your business-most of them free (see box).

The IRS also offers a special service for persons planning to start a new business. "Your Business Tax Kit" (Publication 454) contains the business tax forms you will need and tax publi cations specially fashioned to meet your individual business needs in the lumber and building material business. The kit, which also contains the name, address, and telephone number of your IRS taxpayer service representative, is constructed like a folder to provide a convenient file for storing copies of your returns and related records. Taxpayers starting a new business are advised of the availability of the kit when they receive an employee identification number from IRS. You may visit an IRS office to obtain the package and, while there, have a tax representative explain the contents and answer any questions. If you can't visit an IRS office, call or write your IRS District Director and ask for "Your Business Tax Kit" (Publication 454). He will send someone to deliver it to you personally and explain its contents.

Start your business off right and make your own good luck with good records.