Educational Tax Tip: How to Avoid Audit Trouble with Proper Expense Reporting

Have you ever wondered if estimating your tax deductions might be acceptable? While it might seem easier to guess amounts for categories like business travel or office expenses, using rough estimates can lead to serious issues during an IRS audit. The IRS requires exact figures backed by receipts or other documentation. If your reported numbers don't align with their records, you could face penalties or additional taxes. To avoid this, it is essential to keep detailed records of your expenses and ensure your calculations are accurate.

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