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4 Ways Small Business Owners Can Stay Tax Compliant

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By keeping your books up-to-date, you can be confident that you are reporting your income and expenses correctly, paying the proper amount in taxes, and paying your estimated taxes in a timely manner, which produces a stress-free tax season. Pay Self-Employment Tax. Pay Quarterly Estimated Taxes .

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What happens if you get audited and don’t have receipts?

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Since most vendors use online invoicing and billing systems, they’ll have copies of your records. Find checks, credit card, or bank account statements If you’re unsure where you made a purchase or can’t contact them to provide copies, search through old checks, bank, and credit card statements.

audit 52
article thumbnail

What happens if you get audited and don’t have receipts?

xendoo

Since most vendors use online invoicing and billing systems, they’ll have copies of your records. Find checks, credit card, or bank account statements If you’re unsure where you made a purchase or can’t contact them to provide copies, search through old checks, bank, and credit card statements.

audit 52