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

xendoo

However, forgetting or misplacing receipts happens, especially when you’re busy running a business. The IRS regularly deals with missing receipts, so there are guidelines for what businesses can do if they don’t have receipts. Also, Xendoo’s bookkeepers and CPAs have years of experience managing business record keeping.

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article thumbnail

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

xendoo

However, forgetting or misplacing receipts happens, especially when you’re busy running a business. The IRS regularly deals with missing receipts, so there are guidelines for what businesses can do if they don’t have receipts. Also, Xendoo’s bookkeepers and CPAs have years of experience managing business record keeping.

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The Home Office Tax Deduction: Who Qualifies and How to Maximize

inDinero Tax Tips

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction. Mortgages and rent are treated differently.

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The Home Office Tax Deduction: Who Qualifies and How to Maximize

inDinero Tax Tips

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction. Homeowners may not deduct the fair rental value.

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Tax Deductions Guide 2021

inDinero Tax Tips

Understanding Deductible Business Expenses. After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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