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

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. Learn everything you need to know about IRS audits and receipts below.

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article thumbnail

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

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. Learn everything you need to know about IRS audits and receipts below.

audit 52
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13 Non-deductible Expenses and Other FAQs for Tax Time

inDinero Tax Tips

Don’t Even Try Deducting These 13 Non-Deductible Business Expenses Frequently Asked Tax Deduction Questions Conclusion What Are the IRS Rules for Non deductible Business Expenses? There are many ways businesses can lower their tax liability. Unfortunately, these are nondeductible entertainment expenses.

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Commingling Funds: How to Address the Problem and Avoid It in the Future

inDinero Tax Tips

However, you can’t deduct what you don’t document and shouldn’t deduct what you can’t prove was a business expense. Mistakenly taking personal expenses as small business tax deductions also opens you to risk during an audit. Indinero’s online bookkeeping services are here to help with this tedious task.