In this video, we discuss how small business owners can protect themselves from an IRS audit by keeping a digital paper trail of their receipts. By law, business owners are required to maintain accurate financial records and provide proof for all expenses shown in their books. Relying solely on credit card statements is not enough, as these may not provide the necessary details to support your expenses.
By taking pictures of your receipts and keeping digital copies, you can easily organize and store your financial records for easy access and protection against an IRS audit.
So, if you're a small business owner looking to protect yourself from an audit, be sure to follow our tax tips and keep your digital receipts organized!
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