As a business owner, you know you need to keep records for tax-deductible items. But do you know what records will substantiate your deductions for business expenses?
To test your knowledge, here’s a short quiz. Choose all answers that apply.
Congratulations if you answered every question correctly! You’re an expert at figuring out what records you need to keep to preserve legitimate deductions and save tax dollars.
If you missed one or two, additional information is available at the IRS.gov website.