Poor expense records cost business owner $27,000
Owners of smaller businesses can sometimes be careless about keeping records of business expenses for tax purposes. The good news is that there’s no one right way to keep these records. According to the IRS, you can use any method of tracking expenses you like if it works for you and your business. However, whatever method you use, you still have to be able to substantiate the time, place, amount, and business purpose of each expense,