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Keep thorough records to support deductions and credits from "summary" of The Tax and Legal Playbook by Mark J. Kohler
As a taxpayer, it's crucial to keep thorough records to support any deductions and credits claimed on your tax return. Without proper documentation, you could find yourself in hot water with the IRS if they decide to audit your return. This means keeping organized records of all expenses, income, and other relevant information that pertains to your tax situation. One of the most important reasons to maintain thorough records is to substantiate any deductions you claim. This includes receipts, invoices, bank statements, and any other documentation that proves your expenses were legitimate and necessary for your business or personal activities. Without these records, you could face penalties and interest if the IRS determines that your deductions are not supported by ade...
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