Protect your business with meticulous records
$225.00
Description
Abstract: Running a business requires that strong, supportable records be kept. Every expense that appears on a tax return might have to be defended if the IRS decides to audit the return. And failing to operate in a businesslike manner and keep good records might lead the IRS to deem the activity a hobby rather than a business. This means expenses may be limited or disallowed. This article and a sidebar illustrate how the IRS (and sometimes the courts) view business records, what they’re looking for and what’s considered acceptable substantiation.
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