📺 Stream EntrepreneurTV for Free 📺

What You Need to Prove a Business Expense Think your credit card statement is enough to verify business expenses to the IRS? Think again.

By Mark J. Kohler

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

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

Entrepreneur Leadership Network® VIP

Author, Attorney and CPA

Mark Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning. With a reputation as a YouTube personality, best-selling author, and national speaker, Kohler is dedicated to guiding clients through complex legal and financial landscapes to achieve their American Dream. He also serves as the co-founder and Board Member of the Directed IRA Trust Company and has launched the Main Street Certified Tax Advisor Program to train CPAs and Enrolled Agents nationwide. As the co-host of The Main Street Business Podcast and The Directed IRA Podcast, he simplifies intricate topics like legal and tax strategy, asset protection, retirement, investing, and wealth growth. Mark Kohler's commitment to helping entrepreneurs and small business owners attain success and financial security has made him a trusted expert in the field, benefiting countless individuals and businesses in navigating the financial and business world with confidence.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Devices

Stay Focused and Accessible with These $40 Conduction Headphones

These headphones sit on top of your ears, so you can take calls while staying tuned into your surroundings.

Money & Finance

12 Books That Self-Made Millionaires Swear By

The bookshelves of millionaires can inspire you to build your wealth. Here are 12 must-reads they recommend.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Green Entrepreneur®

A Deer Invasion in Hawaii Has Turned Into an Environmental Crisis—And a Sustainable Business Opportunity

How Maui Nui Venison built a for-profit harvesting business that protects the land and helps the local community.

Thought Leaders

It's the End of the Entrepreneurial Era As We Know It

With the rise of advanced technologies and AI, are we losing all sense of the independent business person and entrepreneur?

Devices

Keep the Office Cool This Summer with $10 Off a Klima Thermostat

The Klima Smart Thermostat can turn your existing mini split, heat pump, or AC into a smart unit.