Whether you’re applying for a working capital loan or buying a new building, business owners or investors are constantly encouraged to save copies of all their tax returns for at least three years as they can be important for a number of reasons.

If you think you can’t find a copy of your tax return, you’re wrong. Keep reading to learn how:

What is a Transcript?

A transcript is a summary of all the return information submitted to the Internal Revenue Service (IRS). Businesses can get two forms of transcripts:

Tax Return Transcript

This type of transcript includes the Adjusted Gross Income (AGI) from the original tax return as filed, as well as other forms and schedules. Tax return transcripts are only valid for the current tax year and return issued over the past three years.

However, it does not indicate any modifications made after the original return has been filed. Keep in mind that tax returns usually require certified transcript translation along with other relevant documents as well.

Tax Account Transcript

This form of transcript indicates any subsequent adjustments made either by you or the IRS after the tax return has been filed.

Tax account transcripts display basic data such as the return type, adjusted gross income (AGI), taxable income, and all other payments made. It shows the changes made after filing the original return as well.

3 Ways to Get a Business Tax Transcript

Getting a business tax transcript is not as difficult as you think. Here are three simple ways to obtain one:

Order Online

This is the easiest and the most convenient way to get your tax transcript as you will be able to view, print, or download your transcript instead of waiting for it to arrive by mail. Visit IRS.gov and use the ‘Get Transcript’ tool to get started.

Keep in mind that you have to authenticate your identity using the Secure Access process. In addition, filing your tax return online usually takes between two to four weeks for an associated transcript to become available.

Order by Phone

If you’re non-tech savvy, another option to get a tax transcript is through the IRS hotline (1-800-908-9946). Orders placed by phone are usually processed within 5 to 10 working days.

Order by Mail

Ordering transcripts by mail are ideal for those who are not in a rush. For businesses, partnerships, and individuals, fill out Form 4506T, Request for Transcript of Tax Return, and mail it to the IRS address based on the instructions on your area.

Expect your tax return transcript to arrive within ten or more working days from when the IRS receives your mail. However, requesting actual copies of previously processed tax returns usually takes much longer, costing $50 per tax year.

In addition, these copies are generally available for the current year, including the past six years.

Final Thoughts

Please note that IRS never initiates contact via text messages or even on social media. Typically, the first contact arrives by mail. Not sure whether you owe money to the IRS or not? Feel free to check your tax account information on the IRS website to find out.

Want to have your own business? Read ”The Basics of Building Your Business Brand in 2021” to learn more.