5 Tips for Digitizing Small Business Tax Receipts

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 Many small business owners saddle themselves with boxes of paper receipts for fear that an auditor might disallow electronic records. In fact, the Internal Revenue Service has advocated accepted "electronic storage systems" for business records and tax-related documents since 1997. As long as you follow all five of these guidelines, you should be able to shred your paper trail without fear.

5 Small Business Tax Tips

1. Collect all the information the IRS might want

According to the IRS, a valid electronic receipt must contain the name (and preferably the address) of your vendor, the date of the transaction, and the amount you paid. In your notes related to each receipt, you should catalog what you purchased and its use in your business, in case an auditor asks for this information later.

2. Keep your receipt database current

IRS officials recommend entering receipts and notes into your system as soon as possible after you make a purchase. That way, you're not hard pressed to come up with business justifications if you've forgotten why you made a purchase, or if the staff member who authorized an expense has left your company.

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