38 \\ IRS Audit Prep: Avoid These Documentation Mistakes That Cost Small Businesses
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Tue 25 Jul 2023
- Episode Link
- https://smallbusinessfinance.podbean.com/e/38-audit-risk-important-irs-requirements-you-need-to-know/
Are you ready if the IRS comes knocking? In this episode, we break down exactly what documentation you need to protect your deductions and your business in case of an audit. Learn what the IRS considers proper evidence, why bank statements aren’t enough, and how to handle receipts, mileage logs, invoices, and meals and entertainment records. We also cover common mistakes small business owners make, the exceptions to the receipt rules, and how digital tools like Dext can help keep your records audit-ready. You’ll walk away with a clear, step-by-step approach to staying compliant, avoiding red flags, and proving your deductions. If you want to feel confident about your tax documentation and reduce your audit risk, this episode is a must-listen.
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