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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.

audit 52
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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Commingling Funds: How to Address the Problem and Avoid It in the Future

inDinero Tax Tips

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. Having an experienced tax expert on your side is best for this approach.