2.18 // Bad Recordkeeping Can Hurt You

The Business Plan Podcast

Every year, a few taxpayers go to court hoping for a better outcome than the one offered by the IRS. Usually, they lose -- due to poor recordkeeping, not meeting all requirements for particular deductions, or inadequately separating business from personal expenses. Listen in as we discuss two tax court cases where deductions were denied to taxpayers, mostly because they kept poor records.