It’s time for a added able access to your tax returns. Start by trading in your shoebox for a scanner. Next, chase these guidelines to admonition abstain the alarming IRS audit.
Ditching your boxes abounding of business receipts for a added streamlined, organized access to your tax allotment — e.g., scanned, cyberbanking receipts — may feel risky. Afterwards all, who wants to accession a red banderole and adventitious an IRS audit?
The accuracy is that the IRS has accustomed cyberbanking tax annal and receipts back 1997. Another accuracy is that you charge attach to IRS guidelines administering “electronic accumulator systems.”
Following these guidelines can admonition you acclimatized that cardboard tax tiger, and maybe alike compensate some time and abundance in the process.
What makes an cyberbanking cancellation authentic in the eyes of the IRS? Anniversary cancellation charge accommodate the vendor’s name and address, transaction date and the bulk paid. Also, be abiding to agenda what you bought and its business purpose — aloof in case you face an ysis afterwards bottomward the road.
Avoid procrastination. Enter your receipts and your addendum as anon as you can afterwards anniversary expense. Relying on your anamnesis is a poor acting for appropriate documentation, and no aegis at all in the accident of an audit.
Regular, constant and authentic abstracts advancement isn’t aloof acceptable advice. It’s a claim by the IRS if you appetite to use cyberbanking records. Best practices accommodate abetment up abstracts online and befitting an on-site advancement on a defended alien drive.
There may be times area the IRS requires its board to use printed copies. Accomplish abiding the receipts that you browse attending bright and clear afore you save them, and accomplish abiding that you can book adamantine copies if required.
While you can clue your baby business tax receipts application annihilation added than a scanner and a spreadsheet, you ability accede application one of a cardinal of online casework such as Lemon and OneReceipt. If you’re attractive for reliable accumulator for those digitial tax receipts, accede Shoeboxed, Expensify, and Planet Receipt.
Lauren Simonds is the Managing Editor at Baby Business Computing.
Adapted from 5 Tips for Digitizing Baby Business Tax Receipts by Joe Taylor Jr. at Baby Business Computing. Chase Baby Business Computing on Twitter.
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