Thursday, August 18, 2011

QUESTION ON RECORD RETENTION

Q.I understand that I have to keep records of my travel and entertainment. What actually do I need to keep?~ Twila

A.Twila, good records are important to assure that the IRS does not disallow your deductions. As I have said on several occations, “there are only three things that are important if you are audited. They are, DOCUMENTATION... DOCUMENTATION... DOCUMENTATION."

Here is a handy chart that the IRS put out that should answer your questions. Let me know if there is anything else that I can do to assist. CHART

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