Lessons from an Audit: Keeping Invoices

I am putting the final touches on an audit I have been handling for a client. If you are self-employed, credit card statements and bank statements are good documents to support your business expenses. However, if you have expenses that are hard to identify by the bank/credit card statements: KEEP YOUR INVOICES. You will save yourself a lot of grief if you get audited.

On another note: word on the IRS street is there is going to be a lot more S-CORPORATION audits going forward. S- corporations are the entities in which income is passed through to the owners and reported on their individual tax returns.

Is 2024 the year to solve your tax issue? WATAX is ready to assist you now. Please call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you promptly.

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