Small Business Tax Dictionary
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Record Keeping
Record keeping involves the systematic recording and maintaining of financial documents related to home office expenses. This includes receipts, bills, bank records, and any other evidence that supports the claim for home office deductions. Proper record keeping is essential for compliance with tax laws and for substantiating claims during an audit. It provides transparency and accountability in the calculation of home office deductions, helping to ensure that the deductions are accurate and legitimate.
