Being audited is one of the most stressful and dreaded experiences a taxpayer can go through. It’s a wonderful blessing to live in America, and paying taxes comes with that privilege, but enforcement is a reality. Whatever the case may be or the reason for you being audited, there are certainly some things you can do that will help you through the experience.
Things have changed in 2018 when it comes to writing off meals and food expenses in your small business. Entrepreneurs, have to reevaluate their budget for the food and dining.
It’s alarming for me to see how many clients are not maintaining their checkbooks and records properly or are not even keeping separate books at all for each of the companies they own and operate. Maintaining your books is not something I advocate solely as a tax-savings strategy; it can also prevent you from losing your sanity and getting dragged into a potential lawsuit.