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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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Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

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