Save Those Receipts and Documentation!
A little organization now can save money during an audit
When it comes to taking qualified deductions on your Federal Tax return three things must happen.
First, you must recognize that an expense might be deductible on your tax return.
Second, you must keep a record of the expense in an organized fashion.
Third, you must have the proper (and timely) documentation to support your deduction.
While this may seem evident to most, here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits.