My wife has a all cash buisness do i have to claim deductions can i just claim profit - no receipts

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My wife has a all cash buisness do i have to claim deductions can i just claim profit - no receipts

Yes, you must declare gross income then deduct your expenses to arrive at net profit (income). In you are going to be in business, the IRS expects you to do bookkeeping and records (receipts) retention.

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My wife has a all cash buisness do i have to claim deductions can i just claim profit - no receipts

Yes, you must declare gross income then deduct your expenses to arrive at net profit (income). In you are going to be in business, the IRS expects you to do bookkeeping and records (receipts) retention.

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