Tax Proof: What to Keep for Expenses
Every business owner wants to maximize tax deductions, but to do so, you must have proof that the amounts paid were for business expenses. The either/or dilemma is often between neglecting to record them (easy now) and overpaying taxes (costly later). A Sound expense tracking system is a direct investment in your bottom line.
Your supporting documents prove that the amounts paid were for business expenses. Documents to keep include canceled checks, account statements, credit card sales slips, invoices, and petty cash slips for small cash payments. Every dollar of proven expenses is a dollar that correctly reduces your taxable income.
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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.