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Barbara Weltman

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Business Deductions Lost to Poor Recordkeeping

September 4, 2018 / By Barbara Weltman

Without good records, legitimate write-offs can be lost. That’s what one taxpayer in the music production business found out when the Tax Court denied many of his Schedule C deductions. Logs for his car mileage weren’t contemporaneous as required by law. Let this case be a reminder to keep required records and receipts.

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