Accurate record-keeping plays a critical role in small business tax planning and preparation. Inaccurate records can lead to missed deductions, inaccurate tax return filings, missed deadlines, IRS penalties, and unnecessary stress during tax time. Additionally, the results of poor record-keeping could even trigger a potential audit, leading to more regulatory exceptions and penalties. For small … Continue reading “The Importance of Accurate Record-Keeping for Tax Preparation”