Category - Recordkeeping

Yes.  The IRS lists several items in Publication 552 which include alimony, casualty losses, charitable donations, child care, education, gambling, home office deductions, IRAs, job-related expenses, medical, mortgage interest, moving expenses, [...]

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Receipts for my expenses[...]

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For incomes up to $200,000 your audit risk is 1%. From $200,000 to $1 million, it jumps up to 4%, and over $1 million the audit rate is around 12[...]

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Ah, the question of the century[...]

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There are several acceptable IRS techniques for maintaining your records. Each has its advantages, and you might find success in using a mixture depending on your needs and your attention to detail[...]

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Mileage is one of the most often deducted expense, and therefore it is one of the most scrutinized records. First, you need to prove you own the vehicle(s). Next, you need to keep track of your beginning and ending odometer readings. It is a good [...]

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There are time limits for certain records and those will be discussed later, but there are some general reasons for creating a good recordkeeping system[...]

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