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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? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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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? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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

inDinero Tax Tips

Nondeductible Entertainment Expenses You may wonder if you can write off entertaining clients as a business expense. Unfortunately, these are nondeductible entertainment expenses. This goes for concert tickets, sporting events, or other forms of entertainment for clients. Are CPA Fees Tax Deductible?

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