Why Your Credit Card Statement Might Not Prove a Tax Deduction
If you think (or you've been advised by your tax preparer) that keeping your credit card statements is enough by itself to prove business tax deductions, you could be in trouble if your return ever comes up for examination. That's the message I got recently at the IRS national phone forum on record keeping requirements for small business owners and self-employed entrepreneurs. Please don't start shredding your credit card statements; they're certainly better than no documentation at all and in some circumstances they might be enough proof.Filed Under Earned Income Tax Credit | Comments Off
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