Tax RecordsForensic Evidence
Property tax records provide evidence forensic in nature. Property includes assets and income, taxable or exempt, and records themselves.
A card issued by Social Security, for example, is record reqired for personal exemption and standard deduction. Common tax deductions and business tax deductions must be purchased and a cash receipt is required.
Why Records?
Tax returns are subject to
audit
for three years. Bank statements that log income and disbursements, a cash receipt for purchases, a depreciation schedule detailing depreciation and depletion allowances and a paper and pencil mileage log all support facts reported on tax return.
Records will,
Records are personal property, not transferable for tax purposes. Without records, audit day is doomsday! Pose a tax question or concern about reoords. Return From Tax Records To TAX PREPARATION |
