What kind of documentation do I need to keep to support these deductions in case of an audit?
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Tax forms and supporting documents
Keep these for at least three years after filing your taxes. The IRS can look back further if you fail to report income or claim a loss.
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Asset records
Keep records for assets like stocks, bonds, and your home until the statute of limitations expires for the tax year in which you sell them.
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Expense records
Keep records of expenses related to buying, maintaining, or repairing business assets.
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Income records
Keep records of transactions that lead to income for your business, such as tax invoices, receipts, cash register tapes, and sales records.
Below is a link detailing record keeping:
Have an amazing day. Evelyn M (CPA 20+ years)
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