How would your tax records hold up in an IRS audit?

What? You don’t have much in the way of records, but you think you could get them in shape before the IRS gets to you? Think again. This is highly unlikely to work, for three reasons:

You violate the timely records rule, and the IRS is likely to figure this out.

You likely don’t have the receipts required.

You likely don’t know what you are supposed to document.

Now, think of the wasted time you would spend creating records that likely will give you nothing for the effort. That’s what happened to Nathan E. Lang. ... Log in to view full article.