If you operate a small business, you need to keep records of your income and expenses. You should carefully record them in order to claim the full amount of tax deductions to which you’re entitled. You also want to make sure you can defend the amounts on your tax returns if you’re ever audited by the IRS. Certain expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limits on deductibility. Contact us if you need assistance retaining adequate business records. Taking a meticulous approach to how you keep records can protect your deductions and help make an audit much less painful.
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