Originally Posted by Numark318i
...save recipets from everything if u own a business.
A well heeded advice for all!! You got that right, particularly if you're in business for yourself! Documentation and a complete audit paper trail are essential bookkeeping foundations here. Otherwise, you can easily turn your friends at the IRS into instant enemies. Let me tell you those field audits are the $*$**!*!*!)!)!)#)$$$.
Yeah, you got the message. And please, whatever you do, do NOT shread your receipts or workpapers supporting your business transactions either!! You saw what happened to the ex premier CPA firm, Arthur Andersen, LLP.
ALL THE BEST