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The company bookkeeper (me) is a real stickler for legitimate deductions only. I was balancing the company credit card statement yesterday and tracking down every single expense to categorize it accurately. We bought a crap load of weird parts for the new camera system, from various vendors.
The good news is that we used the credit card, and not checks or cash to buy them. If it is more than $600 per year we have to have a W9 for cash or check expenses. If we use a credit card, no W9 needed, as the IRS can see every purchase and trace the money flow.
At the end of the year, my CPA goes over it all, and figures our profit and loss and does the company tax filing. After getting audited in or first year when we had very little business and lots of expenses, I am careful to make it all legit.
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Glen
49 Year member of the Porsche Club of America
1985 911 Carrera; 2017 Macan
1986 El Camino with Fuel Injected 350 Crate Engine
My Motto: I will never be too old to have a happy childhood!
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