WHAT DOES THE IRS WANT TO SEE FOR AN ONLINE BUSINESS?
curiouscat asked:
If a IRS were to review me for my online business, what would they wish to see? Thanks in advance!
SetupBiz
If a IRS were to review me for my online business, what would they wish to see? Thanks in advance!
SetupBiz
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Posted on December 14, 2009 at 1:12 am by SetupBiz.com · Permalink
In: United States · Tagged with: Irs Audit, Irs Online, online business, Thanks In Advance
In: United States · Tagged with: Irs Audit, Irs Online, online business, Thanks In Advance
on December 16, 2009 at 11:19 am
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Proof of income.
How do you get paid? Credit cards? Paypal? Make sure you keep the records.
Just as important, proof of expenses. If you are claiming mileage to the post office, you’d better keep a written log of when, where, how far.
on December 17, 2009 at 8:43 pm
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They’ll want to see ALL of your business records. Proof of income claimed and proof of all business expenses. The law requires you to keep accurate, timely, and complete business records of all income and expenses claimed.
If you’re claiming any personal deductions or credits — especailly the EIC — they’ll want to see proof of eligibility for those as well.
on December 18, 2009 at 4:36 pm
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Your business’ full set of accounting records, especially invoices, bank account statements, canceled checks… etc.
Also, if the tax return was prepared by a preparer, contact your paid preparer in case you need help on explaining a particular treatment on the tax return.