Chapter 3
Getting and Staying Organized
IN THIS CHAPTER
Understanding the benefits of keeping good records
Organizing, organizing, and organizing some more
Deciding how long to keep records
Knowing what to do when records aren’t available
Using the Cohan Rule
Do you want to make your tax preparation easier and make sure you claim every deduction you’re entitled to? Would you like to survive an IRS audit and not pay additional tax, interest, or penalties? Do you want to save money by not paying tax preparers $50 to $200 or more an hour to organize your stuff?
Then, keep good records!
If you’re like most people, you probably aren’t a good bookkeeper. But without good records, you may be in trouble, especially if you’re ever audited. Furthermore, some tax preparers and accountants love to see you walk into their offices with shoeboxes full of receipts. Knowing that they can charge you ...
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