statements enough to show the IRS how much I made?
January 22, 2009 by Tax Blog
Filed under Questions & Answers
Allen S asked:
I am self employed and deposit the money I make into my bank account as soon as it is received. Will my bank statements be suffient documentation to show the IRS how much I made last year? I was told I need to have a ledger or journal. What should I do?
I am self employed and deposit the money I make into my bank account as soon as it is received. Will my bank statements be suffient documentation to show the IRS how much I made last year? I was told I need to have a ledger or journal. What should I do?
v b on Fri, 23rd Jan 2009 10:01 am
The IRS likes to see both. Also, if you are paid by check, PHOTOCOPY the checks before you deposit them. This is a godsend later.
Rich on Sun, 25th Jan 2009 4:29 am
Do nothing, It;s not a problem unless you get audited. r
Clyde on Tue, 1st Sep 2009 11:07 pm
It would be wise to document them. don’t wait till you’ll be audited by the IRS… They’re so mean so better take some measures… for cases related to this you can ask us here www.protaxcare.com… We look forward in helping you…