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To reduce your stress over getting audited, get organized! Avoiding stress over the IRS is easy. You just need to get a little sanity in your paperwork process. 1. If you don't already have one, get a separate checking account. This is the single, greatest improvement you can make to your business documentation. Resist the temptation to pay for business expenses outside that account. Run everything through it, including income. 2. Get a separate credit card for business. If you are charging things, use that credit card. If you travel, again, use that card. Pay for the card with the business checking account. 3. Train yourself how to use a petty cash account. Fund it, replace any cash you take with the receipts (this isn't that hard, folks. just habit!) and then replenish the depleted petty cash with a check from your business checking, that you cash. 4. Keep a diary or journal of your activities. For auto and transportation expenses, this is extremely critical. Miss this one step, and you lose a gigantic weapon on audit. 5. Store everything by month, and then by year. Make a backup! Especially of any computer-related files. Burn a disk. Whatever. Just get multiple copies tucked away somewhere.

Contributed by Steven W Johnson on March 13, 2008, at 5:37 PM UTC.

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This intel was contributed by Steven W Johnson Steven W Johnson

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