Are you a business owner? Then you must face the probability that sooner or later the IRS will audit your business.
It will help to be prepared:
- Keep ALL receipts, invoices, bills, etc.
- Organize them if you can. But even if they are all shoved into a box, that is better than having no receipts at all. Just as long as you have them!
- If you have employees keep up to date W4s on file
- If you sub out work to independent contractors keep up to date W9s on file
This is all stuff you probably have heard before but it really is important. And it may save you valuable time down the road!