Hey all you business owners, consultants and freelancers- Do Not rely on your itemized credit card statement alone to show that all those charges were business expenses. If you get audited, your credit card statements won’t matter. The IRS is only interested in seeing actual receipts and the reason/proof that each purchase is a business expense. Which means you should also make a note on each receipt regarding every expense- including who you dined with at all those client dinners.
For more tips on how to deal with taxes and the IRS, click here!
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