How To Organize Business Receipts for Taxes 2023
How to Organize Receipts for Small Business As a business owner, you have probably heard this statement over and over again: KEEP YOUR RECEIPTS FOR TAXES! Although this STATEMENT is TRUE, you should also KEEP the IRS in mind so that those RECEIPTS will count if an audit is required. Here are a few suggestions on how to KEEP THE IRS in mind when COLLECTING , STORING , AND PRESENTING those BUSINESS RECEIPTS. WHICH RECEIPTS ARE DEDUCTIBLE FOR MY BUSINESS? Owning, operating, and maintaining a business COSTS MONEY. But, when you buy things for the BUSINESS, they must be legally deductible. EXPENSES must be an ORDINARY AND NECESSARY EXPENSE for your specific industry to be able to legally deduct it on your taxes. The WAY that you STORE , ORGANIZE and PRESENT the receipts for business purchases as the PROOF will also be a consideration by the IRS to allow the deduction or not. STORING and ORGANIZING...