You might think a credit card statement is enough evidence of a business expense. But you’d be wrong. Accountant Mark Kohler explains that business owners need individual receipts to back up your expense claims in case of a tax audit.
Mark J. Kohler, a certified public accountant in Irvine, Calif., is a partner in the accounting firm Kohler & Eyre, and the law firm Kyler, Kohler, Ostermiller, & Sorensen LLP, specializing in business, estate and tax. He is the author of What Your CPA Isn't Telling You from Entrepreneur Press.